Published on 10/24/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $661,000 11% autocallable reverse convertibles on GameStop
By Marisa Wong
Madison, Wis., Oct. 24 – Credit Suisse AG, London Branch priced $661,000 of 11% autocallable reverse convertible notes due Oct. 26, 2015 linked to the class A common stock of GameStop Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if GameStop shares close at or above the initial share price on April 21, 2015 or July 21, 2015.
The payout at maturity will be par unless GameStop shares close at or below the knock-in price, 65% of the initial share price, during the life of the notes and finish below the initial share price, in which case the payout will be a number of GameStop shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable reverse convertible securities
|
| Underlying stock: | GameStop Corp. (Symbol: GME)
|
| Amount: | $661,000
|
| Maturity: | Oct. 26, 2015
|
| Coupon: | 11%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless GameStop stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case 24.56399 GameStop shares or, at issuer’s option, amount in cash equal to value of those shares
|
| Call: | At par if GameStop shares close at or above initial share price on April 21, 2015 or July 21, 2015
|
| Initial share price: | $40.71
|
| Knock-in price: | $26.4615, 65% of initial share price
|
| Pricing date: | Oct. 21
|
| Settlement date: | Oct. 24
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.1%
|
| Cusip: | 22547QUS3
|
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