Credit Suisse amends due date for contingent coupon autocallable reverse convertibles on Netflix

By Devika Patel

Knoxville, Tenn., July 10 – Credit Suisse AG, London Branch corrected the due date and potential call dates for a planned sale of contingent coupon autocallable reverse convertible securities due Oct. 18, 2019 linked to the common stock of Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent monthly coupon at an expected annual rate of 11.5% if the stock closes at or above its expected 60% coupon barrier level on an observation date for that month. The exact coupon and coupon barrier level will be set at pricing.

The notes will be called at par if the shares close at or above the initial level on Jan. 15, 2019, April 15, 2019 or July 15, 2019.

The payout at maturity will be par unless the shares finish below the initial level and close below the expected 60% knock-in level any day during the life of the notes, in which case investors will receive a number of Netflix 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. The exact knock-in level will be set at pricing.

Credit Suisse Securities (USA) LLC is the agent.

The notes (Cusip: 22549JUY4) will price on July 11 and settle on July 16.

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