UBS to price 20.5% reverse convertibles linked to Sprint Nextel

By Jennifer Chiou

New York, July 15 - UBS AG plans to price 20.5% annualized reverse convertible notes due Feb. 2, 2010 linked to the common stock of Sprint Nextel Corp., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless Sprint Nextel stock falls below the trigger price - 60% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Sprint Nextel shares equal to $1,000 divided by the initial share price.

The notes are expected to price on July 28 and settle on July 31.

UBS Investment Bank will be the underwriter.

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