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Credit Suisse plans 10.5%-12.5% autocallable reverse convertibles linked to United Rentals
By Susanna Moon
Chicago, Dec. 29 – Credit Suisse AG plans to price 10.5% to 12.5% autocallable reverse convertible securities due Jan. 22, 2016 linked to United Rentals, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called at par if the stock closes at or above the initial share price on either observation date.
If the notes are not called, the payout at maturity will be par unless United Rentals stock closes at or below the knock-in level, 65% of the initial share price, during the life of the notes and finishes below the initial share price, in which case investors will be fully exposed to any losses.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price on Jan. 16 and settle on Jan. 22.
The Cusip number is 22547QXY7.
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