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UBS plans 12.5% reverse convertibles tied to Freeport-McMoRan stock
By E. Janene Geiss
Philadelphia, Aug. 28 - UBS AG plans to price 12.5% annualized reverse convertible notes due March 16, 2010 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 - 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 Freeport-McMoRan shares equal to $1,000 divided by the initial share price.
The notes are expected to price Sept. 11 and settle Sept. 16.
UBS Investment Bank will be the underwriter.
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