By Toni Weeks
San Luis Obispo, Calif., Feb. 2 – Credit Suisse AG, London Branch priced $2.7 million of 8% autocallable reverse convertible securities due Feb. 2, 2016 linked to Apple 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 July 29 or Oct. 28, 2015.
If the notes are not called, the payout at maturity will be par unless Apple stock closes at or below the knock-in price, 75% of the initial share price, during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Apple shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash value of those shares.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Autocallable reverse convertible securities
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Underlying stock: | Apple Inc. (Symbol: AAPL)
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Amount: | $2,703,000
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Maturity: | Feb. 2, 2016
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Coupon: | 8%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Apple stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case 8.67227 Apple shares
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Call: | At par if closing share price on July 29 or Oct. 28, 2015 is at or above initial share price
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Initial share price: | $115.31
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Knock-in price: | $86.4825, 75% of initial share price
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Pricing date: | Jan. 28
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Settlement date: | Feb. 2
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.1%
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Cusip: | 22547V2L9
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