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UBS plans to price trigger phoenix autocallables on American Tower
By Toni Weeks
San Luis Obispo, Calif., June 28 - UBS AG, London Branch plans to price trigger phoenix autocallable optimization securities due July 9, 2018 linked to the common stock of American Tower Corp., according to an FWP filing with the Securities and Exchange Commission.
If American Tower stock closes at or above the trigger price - 65% to 69% of the initial share price - on a monthly observation date, the issuer will pay a contingent coupon for that month at the rate of 7% per year. Otherwise, no coupon will be paid that month. The exact trigger price will be set at pricing.
If the shares close at or above the initial price on any monthly observation date after one year, the notes will be called at par of $10 plus the contingent coupon.
If the notes are not called and American Tower shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to the share price decline from the initial price.
The notes (Cusip: 90271L205) are expected to price July 2 and settle July 8.
UBS Financial Services Inc. and UBS Investment Bank are the underwriters.
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