New Issue: Credit Suisse sells $904,000 10.4% reverse convertibles tied to Lennar

By Marisa Wong

Madison, Wis., July 31 - Credit Suisse AG, Nassau Branch priced $904,000 of 10.4% annualized reverse convertible securities due Feb. 3, 2014 linked to the common stock of Lennar Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

A knock-in event will occur if Lennar shares fall to or below the knock-in price, 75% of the initial share price, during the life of the notes.

If a knock-in event does not occur or if it does and the final share price is greater than or equal to the initial price, the payout at maturity will be par. If a knock-in event occurs and the final share price is less than the initial price, investors will receive for each $1,000 note a number of shares of Lennar stock equal to $1,000 divided by the initial share price.

Credit Suisse Securities (USA) LLC is the agent.

Issuer:	Credit Suisse AG, Nassau Branch
Issue:	Reverse convertible securities
Underlying stock:	Lennar Corp. (Symbol: LEN)
Amount:	$904,000
Maturity:	Feb. 3, 2014
Coupon:	10.4% per year, payable monthly
Price:	Par of $1,000
Payout at maturity:	Par unless Lennar shares fall to or below knock-in price during life of notes and final price is less than initial price, in which case a number of shares of Lennar stock equal to $1,000 divided by initial share price
Initial price:	$33.32
Knock-in price:	$24.99, 75% of initial price
Pricing date:	July 29
Settlement date:	Aug. 1
Agent:	Credit Suisse Securities (USA) LLC
Fees:	1%
Cusip:	22547Q5P7

© 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.