Credit Suisse plans 1-for-10 reverse split on four VelocityShares ETNs

By Susanna Moon

Chicago, Aug. 23 - Credit Suisse AG said it will implement 1-for-10 reverse splits of four of its exchange-traded notes, effective Aug. 30.

The changes will apply to the following ETNs, listed with ticker symbols and Cusip numbers:

• VelocityShares Daily 2x VIX Short Term ETN due Dec. 4, 2030 (Symbol: TVIX, Cusip: 22539T852 / 22539T613);

• VelocityShares Daily 2x VIX Medium Term ETN due Dec. 4, 2030 (Symbol: TVIZ, Cusip: 22542D779 / 22539T100);

• VelocityShares VIX Short Term ETN due Dec. 4, 2030 (Symbol: VIIX, Cusip: 22542D811 / 22539T621); and

• VelocityShares 3x Long Silver ETN due Oct. 14, 2031 (Symbol: USLV, Cusip: 22542D662 / 22539T597).

The reverse splits will affect the trading denominations of the ETNs but it will not have any effect on the principal amount of the underlying notes, except in the cases of partial ETNs, according to a company press release.

The closing indicative value of each note series on Aug. 29 will be multiplied by 10 to determine their respective reverse split-adjusted closing indicative values.

The reverse splits will be effective at the open of trading the following day, and the ETNs will begin trading on the NYSE Arca on a reverse split-adjusted basis on that date.

After the reverse splits, each series of the ETNs will have a new Cusip number but will keep the same ticker symbol.

On Sept. 4, holders of record will receive one reverse split-adjusted ETN for every 10 units of the relevant series of ETNs with partial units paid in cash on Sept. 6.

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