By Jennifer Chiou
New York, May 7 - Credit Suisse, Nassau Branch priced a total of $21 million further 0% exchange-traded notes due April 20, 2020 linked to the Cushing 30 MLP index, according to various 424B2 filings with the Securities and Exchange Commission.
A $7 million tranche of the notes priced at 99.95, $6 million priced at 99.3, $5 million priced at 100.75 and another $3 million priced at 100.15. The aggregate offering prices were $6,996,500, $5,958,000, $5,037,500 and $3,004,500, respectively.
The goal of the index is to track the performance of 30 companies, which hold mid-stream energy infrastructure assets in North America. Included securities must be publicly traded and must represent the limited or general partner interests of a partnership that is in an operating company.
The notes may pay a distribution on quarterly payment dates determined according to any cash distributions of the MLPs in the index. The distribution will be equal to the number of units of the MLP represented in the index times a multiplier of 0.070691.
The payout at maturity will be par of $20 plus the index return minus the 0.85% annualized fee factor on the final valuation date.
The notes are putable in increments of $2 million or more on any business day, and they may be called beginning April 20, 2012 if, at any time on or after that date, the principal amount of the notes outstanding is $10 million or less. Both options expire on April 7, 2020.
At inception on April 13, the company priced $15 million of the ETNs in what it previously announced would be an overall $1 billion issue. Thus far, $36 million of the notes has been issued.
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse, Nassau Branch
|
| Issue: | Exchange-traded notes
|
| Underlying index: | Cushing 30 MLP (NYSE Arca: MLPN)
|
| Amount: | $36 million (up from $15 million)
|
| Maturity: | April 20, 2020
|
| Coupon: | 0%, but there may be a distribution on quarterly payment dates determined according to any cash distributions of the MLPs in the index; distribution will be equal to the number of units of the MLP represented in the index times a multiplier of 0.070691
|
| Price: | Par of $20 for original $15 million; 99.95 for $7 million; 99.3 for $6 million; 100.75 for $5 million; and 100.15 for $3 million
|
| Payout at maturity: | Par plus the index return minus the 0.85% annualized fee factor on the final valuation date
|
| Call: | Beginning April 20, 2012 if, at any time on or after that date, the principal amount of the notes outstanding is $10 million or less; option expires April 7, 2020
|
| Pricing date: | April 13 for original $15 million; April 15 for $7 million; April 19 for $6 million; April 23 for $5 million; and May 3 for $3 million
|
| Settlement date: | April 15 for original $15 million; April 20 for $7 million; April 23 for $6 million; April 28 for $5 million; and May 6 for $3 million
|
| Underwriter: | Credit Suisse Securities (USA) LLC
|
| Fees: | None
|
| Cusip: | 22542D852
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
