By Susanna Moon
Chicago, March 11 – UBS AG, London Branch priced $5.83 million of contingent income autocallable securities due March 10, 2016 linked to Gilead Sciences, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Gilead shares close at or above the barrier level, 80% of the initial share price, on a quarterly determination date, the notes will pay a contingent quarterly payment at an annualized rate of 10.6%.
The notes will be called at par of $10 plus the contingent coupon if Gilead shares close at or above the initial share price on any of the first three determination dates.
If the final share price is greater than or equal to the barrier level, the payout at maturity will be par plus the final contingent coupon.
Otherwise, investors will receive a number of Gilead shares equal to $10 divided by the initial share price or, at the issuer’s option, a cash equivalent.
UBS Securities LLC is the agent. Morgan Stanley Smith Barney LLC is handling distribution.
| Issuer: | UBS AG, London Branch
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Gilead Sciences, Inc. (Symbol: GILD)
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| Amount: | $5,827,080
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| Maturity: | March 10, 2016
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| Coupon: | 10.6% per year, payable quarterly if Gilead shares close at or above barrier level on determination date for that quarter
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| Price: | Par of $10.00
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| Payout at maturity: | If final share price is greater than or equal to barrier level, par plus final contingent coupon; otherwise, number of Gilead shares equal to $10 divided by initial share price
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| Call: | At par plus contingent coupon if Gilead shares close at or above initial share price on any of the first three determination dates
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| Initial level: | $101.81
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| Barrier level: | $81.45, 80% of initial share price
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| Pricing date: | March 6
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| Settlement date: | March 11
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| Agent: | UBS Securities LLC
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| Distribution: | Morgan Stanley Smith Barney LLC
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| Fees: | 1.75%
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| Cusip: | 90274P336
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