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UBS to sell 11.25% reverse convertibles linked to Whole Foods stock
By Jennifer Chiou
New York, Feb. 1 - UBS AG plans to price 11.25% annualized reverse convertible notes due May 28, 2010 linked to the common stock of Whole Foods Market, Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Whole Foods stock falls below the trigger price - 80% of its initial share price - during the life of the notes and finishes below the initial share price, in which case investors will receive a number of Whole Foods shares equal to $1,000 divided by the initial share price.
The notes are expected to price on Feb. 23 and settle on Feb. 26.
UBS Securities LLC and UBS Investment Bank are the underwriters.
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