New York, March 25 – UBS AG, London Branch priced $465,000 of trigger phoenix autocallable optimization securities due March 28, 2024 linked to the common stock of Las Vegas Sands Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If Las Vegas Sands stock closes at or above the trigger price – 60% of the initial share price – on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at the rate of 15.8%. Otherwise, no coupon will be paid that quarter.
If the shares close at or above the initial price on a quarterly observation date, the notes will be called at par plus the contingent coupon.
If the notes are not called and Las Vegas Sands shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to the share price decline from the initial price.
UBS Financial Services Inc. and UBS Investment Bank are the underwriters.
| Issuer: | UBS AG, London Branch
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| Issue: | Trigger phoenix autocallable optimization securities
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| Underlying stock: | Las Vegas Sands Corp. (NYSE: LVS)
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| Amount: | $465,000
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| Maturity: | March 28, 2024
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| Coupon: | 15.8%, payable quarterly if stock closes at or above trigger price on observation date for that quarter
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| Price: | Par of $10.00
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| Payout at maturity: | Par plus contingent coupon if Las Vegas Sands shares finish at or above trigger price; otherwise, par plus stock return
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| Call: | Automatically at par plus contingent coupon if Las Vegas Sands shares close at or above initial price on a quarterly observation date
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| Initial share price: | $39.73
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| Trigger price: | $23.84, 60% of initial price
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| Pricing date: | March 24
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| Settlement date: | March 28
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| Underwriters: | UBS Financial Services Inc. and UBS Investment Bank
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| Fees: | 1.5%
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| Cusip: | 90303H776
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