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UBS plans to sell 13% reverse convertibles linked to Barrick Gold
By Jennifer Chiou
New York, Jan. 7 - UBS AG plans to price 13% annualized reverse convertible notes due July 30, 2010 linked to the common stock of Barrick Gold 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 Barrick Gold stock falls below the trigger price - 80% 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 Barrick Gold shares equal to $1,000 divided by the initial share price.
The notes are expected to price on Jan. 26 and settle on Jan. 29.
UBS Securities LLC and UBS Investment Bank are the underwriters.
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