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UBS to price 13.75% reverse convertibles linked to Freeport-McMoRan
By Jennifer Chiou
New York, Aug. 14 - UBS AG plans to price 13.75% annualized reverse convertible notes due Nov. 30, 2009 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Freeport-McMoRan 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 Freeport-McMoRan shares equal to $1,000 divided by the initial share price.
The notes are expected to price on Aug. 26 and settle on Aug. 31.
UBS Investment Bank will be the underwriter.
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