UBS plans to price phoenix autocallables linked to Lennar

By Toni Weeks

San Luis Obispo, Calif., May 14 - UBS AG, London Branch plans to price phoenix autocallable notes due June 3, 2015 linked to Lennar Corp. shares, according to an FWP filing with the Securities and Exchange Commission.

If Lennar stock closes at or above the 80% barrier level on a quarterly observation date, the notes will pay a contingent coupon at an annualized rate of 13.1% for that quarter.

If the shares close at or above the initial price on any quarterly observation date, the notes will be called at par plus the contingent coupon.

If the notes are not called and Lennar shares finish at or above the 80% trigger price, the payout at maturity will be par plus the contingent coupon.

Otherwise, investors will be fully exposed to losses.

The final share price will be the average of the closing share prices on the five trading days ending May 28, 2015.

The notes (Cusip: 90270KBS7) will price May 16 and settle May 21.

UBS Investment Bank is the underwriter. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the agents.

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