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UBS to price 14.15% reverse convertibles linked to U.S. Steel stock
By E. Janene Geiss
Philadelphia, Sept. 15 - UBS AG plans to price 14.15% annualized reverse convertible notes due Dec. 30, 2009 linked to the common stock of United States Steel 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 U.S. Steel 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 U.S. Steel shares equal to $1,000 divided by the initial share price.
The notes are expected to price on Sept. 25 and settle on Sept. 30.
UBS Securities LLC and UBS Investment Bank will be the underwriters.
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