By Angela McDaniels
Tacoma, Wash., Oct. 14 - Credit Suisse AG, Nassau Branch priced an additional $2 million principal amount of 0% exchange-traded notes due April 20, 2020 linked to the Cushing 30 MLP index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes priced at 114.3 for proceeds of $2.29 million.
At inception on April 13, 2010, the company priced $15 million of the ETNs in what it previously announced would be an overall $1 billion issue. So far, $93.49 million principal amount of notes has been issued.
The goal of the index is to track the performance of 30 companies that hold mid-stream energy infrastructure assets in North America. Included securities must be publicly traded and must represent the limited or general partner interests of a partnership that is in an operating company or common units of a limited liability company that is an operating company.
The notes will pay a distribution on quarterly payment dates equal to the cash distributions a "reference holder" would have been entitled to receive during that period. A "reference holder" is a hypothetical holder of a number of units of each index MLP equal to (a) the number of units of that MLP represented in the index multiplied by (b) 0.070691, which is 20 divided by the initial index level.
The payout at maturity will be par of $20 plus the index return minus the 0.85% annualized fee factor on the final valuation date.
The notes are putable in increments of $2 million or more on any business day, and they may be called beginning April 20, 2012 if the principal amount of the notes outstanding is $10 million or less. Both options expire on April 7, 2020.
The notes are listed on NYSE Arca under the symbol "MLPN."
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | Exchange-traded notes
|
| Underlying index: | Cushing 30 MLP
|
| Amount: | $93,494,000, increased from $15 million
|
| Maturity: | April 20, 2020
|
| Coupon: | 0%, but there may be distributions on quarterly payment dates determined according to any cash distributions made by the MLPs in the index
|
| Price: | Par of $20 for original $15 million; 114.3 for latest $2 million
|
| Payout at maturity: | Par plus index return minus 0.85% annualized fee factor
|
| Put option: | At any time, subject to minimum of $2 million
|
| Call option: | Beginning April 20, 2012 if principal amount of notes outstanding is $10 million or less
|
| Pricing dates: | April 13, 2010 for original $15 million; Oct. 13 for latest $2 million
|
| Settlement dates: | April 15, 2010 for original issue; Oct. 18 for latest add-on
|
| Underwriter: | Credit Suisse Securities (USA) LLC
|
| Fees: | None
|
| Listing: | NYSE Arca: MLPN
|
| Cusip: | 22542D852
|
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