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Credit Suisse plans 8% autocallable reverse convertibles on VeriFone
By Toni Weeks
San Luis Obispo, Calif., March 24 - Credit Suisse AG plans to price 8% autocallable reverse convertible securities due April 3, 2015 linked to VeriFone Systems, 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 any quarterly call date.
The payout at maturity will be par unless VeriFone stock closes at or below the knock-in price, about 65% 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 VeriFone shares equal to $1,000 divided by the initial share price.
The exact terms will be set at pricing.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price March 31 and settle April 3.
The Cusip number is 22547QL46.
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