Credit Suisse plans autocallable reverse convertibles on Twitter

By Wendy Van Sickle

Columbus, Ohio, Aug. 2 – Credit Suisse AG, London Branch plans to price 10% to 12% autocallable reverse convertible securities due Aug. 16, 2017 linked to Twitter, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly, with the exact rate to be set at pricing.

The notes will be called at par if the stock closes at or above the initial price on Feb. 13, 2017 or May 11, 2017.

The payout at maturity will be par unless the stock ever closes at or below the 50% knock-in level during the life of the notes, in which case investors will receive a number of Twitter shares equal to $1,000 divided by the initial level or, at the issuer’s option, the cash equivalent.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price on Aug. 15 and settle on Aug. 18.

The Cusip number is 22549JAZ3.

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