New Issue: Credit Suisse prices $1.37 million autocallable reverse convertibles on VeriFone

By Marisa Wong

Morgantown, W.Va., Aug. 20 – Credit Suisse AG, London Branch priced $1.37 million of 7.25% autocallable reverse convertible notes due Aug. 22, 2016 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 VeriFone stock closes at or above the initial share price on Feb. 17, 2016 or May 18, 2016.

The payout at maturity will be par unless the stock ever closes below the 70% knock-in level during the life of the notes and the stock finishes below its initial level, in which case investors will receive a number of VeriFone shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.

Credit Suisse Securities (USA) LLC is the agent.

Issuer:	Credit Suisse AG, London Branch
Issue:	Autocallable reverse convertible securities
Underlying stock:	VeriFone Systems, Inc. (Symbol: PAY)
Amount:	$1,365,000
Maturity:	Aug. 22, 2016
Coupon:	7.25%, payable monthly
Price:	Par
Payout at maturity:	Par unless VeriFone stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case number of VeriFone shares equal to $1,000 divided by initial price or cash equivalent
Call:	At par if VeriFone shares close at or above initial share price on Feb. 17, 2016 or May 18, 2016
Initial price:	$33.31
Knock-in price:	$23.317, 70% of initial price
Pricing date:	Aug. 18
Settlement date:	Aug. 21
Agent:	Credit Suisse Securities (USA) LLC
Fees:	2.1%
Cusip:	22546VJZ0

© 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.