By Wendy Van Sickle
Columbus, Ohio, Oct. 31 – Credit Suisse AG, London Branch, priced $888,000 of contingent coupon autocallable reverse convertible securities due Jan. 31, 2019 linked to Ulta Beauty, Inc. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 10% per year if the shares close at or above the coupon barrier level, 70% of the initial share price, on the observation date for that month.
The notes will be automatically called at par plus the coupon if Ulta shares close at or above the initial share price on any quarterly call date starting in April 2018.
The payout at maturity will be par unless the shares ever close at or below the knock-in price, 70% of the initial share price, during the life of the notes and finish below the initial share price, in which case investors will receive a number of Ulta 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: | Contingent coupon autocallable reverse convertible securities
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| Underlying stock: | Ulta Beauty, Inc.
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| Amount: | $888,000
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| Maturity: | Jan. 31, 2019
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| Contingent coupon: | 10%, payable monthly if stock closes at or above coupon barrier level on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless stock falls and ever closes at or below knock-in price during life of notes, in which case a number of Ulta shares equal to $1,000 divided by the initial share price
|
| Call: | At par plus the coupon if shares close at or above initial share price on a quarterly call date starting in April 2018
|
| Initial level: | $198.93
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| Coupon barrier: | $139.251 70% of initial price
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| Knock-in price: | $139.251, 70% of initial share price
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| Pricing date: | Oct. 27
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| Settlement date: | Oct. 31
|
| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.25%
|
| Cusip: | 22549JLN8
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