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UBS plans to price 11.5% reverse convertibles linked to Ford stock
By Angela McDaniels
Tacoma, Wash., Nov. 3 - UBS AG plans to price 11.5% reverse convertible notes due March 1, 2010 linked to the common stock of Ford Motor Co., according to an FWP filing with the Securities and Exchange Commission.
The three-month notes will pay 2.875% for an annualized coupon of 11.5%. Interest will be payable monthly.
The payout at maturity will be par unless Ford stock falls below the trigger price - 70% 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 Ford shares equal to $1,000 divided by the initial share price.
The notes are expected to price Nov. 24 and settle Nov. 30.
UBS Securities LLC and UBS Investment Bank are the underwriters.
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