UBS amends call provision of Etracs on UBS Bloomberg commodity

By Marisa Wong

Madison, Wis., Nov. 19 - UBS AG, Jersey Branch successfully amended the contingent call provision of its exchange-traded access securities (Etracs) due 2038 linked to the UBS Bloomberg Constant Maturity Commodity Index Total Return.

According to a 424B3 filing with the Securities and Exchange Commission, UBS now has the right to redeem all, but not less than all, outstanding securities beginning on April 4, 2013 regardless of the amount outstanding.

Previously, the issuer could only redeem the notes if the amount outstanding was less than $10 million on the fifth trading day before the settlement date.

As reported, UBS solicited consents from holders of record as of 5 p.m. ET on Oct. 15 to amend the call provision. The effective time of the consent solicitation was 5 p.m. ET on Nov. 7.

The issuer needed consents from holders of at least 66 2/3% of the outstanding notes to approve the proposed amendment. The amendment was completed on Nov. 19.

UBS also reduced the fee amount for the securities, effective Nov. 20, to 0.55% per year from 0.65% per year.

The Cusip number is 902641778. The notes trade on the NYSE Arca under the ticker symbol "UCI."

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