By Marisa Wong
Madison, Wis., Dec. 26 - Credit Suisse AG, London Branch priced $12.58 million of 8.5% STEP Income Securities due Jan. 9, 2015 linked to the common stock of Cabot Oil & Gas Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the final price of Cabot stock is greater than or equal to the step level, 108.5% of initial price, the payout at maturity will be par of $10 plus the step payment of 5.82%.
If the final share price is greater than or equal to the initial share price but less than the step level, investors will receive par.
Investors will be fully exposed to any share price decline.
BofA Merrill Lynch is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | STEP Income Securities
|
| Underlying stock: | Cabot Oil & Gas Corp. (NYSE: COG)
|
| Amount: | $12,582,950
|
| Maturity: | Jan. 9, 2015
|
| Coupon: | 8.5%, payable quarterly
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final price of Cabot stock is greater than or equal to step level, par plus step payment of 5.82%; if final share price is greater than or equal to initial share price but less than step level, par; full exposure to any share price decline
|
| Initial share price: | $38.77
|
| Step level: | $42.07, 108.5% of initial level
|
| Pricing date: | Dec. 23
|
| Settlement date: | Dec. 31
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 22539T530
|
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