By Kenneth Lim
Boston, April 20 - Credit Suisse International has issued €225 million three-year zero-coupon notes exchangeable into shares of Q-Cells AG at an initial conversion premium of 35%.
The notes are exchangeable into Q-Cells shares at an initial conversion price of €103.95, which is based on a concurrent €416 million stock placement at €77 per share.
The notes are exchangeable at any time after June 6, 2006, and will be redeemed at par on April 27, 2009 if not exchanged by April 15, 2009.
Credit Suisse said it is issuing the notes following the purchase of a call option of 2.2 million Q-Cells shares from Stroher Finanzholding AG.
The notes will be listed on the Irish Stock Exchange.
Q-Cells is a Thalheim, Germany-based maker of solar energy cells.
| Issuer: | Credit Suisse International
|
| Issue: | Exchangeable notes
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| Exchange property: | Q-Cells AG shares
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| Amount: | €225 million
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| Maturity: | April 27, 2009
|
| Coupon: | 0%
|
| Price: | Par
|
| Conversion premium: | 35%
|
| Conversion price: | €103.95
|
| Pricing date: | April 20
|
| Settlement date: | April 27
|
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