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UBS to price 26.65% reverse convertibles linked to DryShips stock
By E. Janene Geiss
Philadelphia, Sept. 30 - UBS AG plans to price 26.65% annualized reverse convertible notes due Jan. 14, 2010 linked to the common stock of DryShips 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 DryShips stock falls below the trigger price - 65% 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 DryShips shares equal to $1,000 divided by the initial share price.
The notes are expected to price Oct. 9 and settle Oct. 15.
UBS Investment Bank will be the underwriter.
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