By Jennifer Chiou
New York, March 28 - Credit Suisse AG, Nassau Branch priced an additional $2,472,650 principal amount of 0% VelocityShares 3x Long Gold exchange-traded notes due Oct. 14, 2031 linked to the S&P GSCI Gold Index Excess Return, according to a 424B2 filing with the Securities and Exchange Commission.
The additional notes priced at 93.32, or $46.66 per $50.00 principal amount of notes. The proceeds totaled $2,307,476.90.
Credit Suisse plans to issue up to $150 million of the notes from time to time. So far, the company has priced $32.95 million principal amount of notes at prices ranging from 80.78 to 107.74.
The payout at maturity will equal the closing indicative value of the notes on Oct. 8, 2031.
The closing indicative value of the notes on the inception date was $50.00. On subsequent days, it equals (a) (i) the closing indicative value on the preceding day times (ii) the daily ETN performance of the notes on that day minus (b) the daily investor fee.
The closing indicative value will never be less than zero. If the intraday indicative value of the notes is less than or equal to zero at any time or the closing indicative value is equal to zero, the closing indicative value of the notes on that day and on all following days will be zero.
The daily ETN performance equals one plus the daily accrual plus three times the index return on that day. The daily accrual is the rate of interest that could be earned on a notional capital reinvestment at the 91-day U.S. Treasury rate.
The daily investor fee is an annualized amount equal to 1.35% of the closing indicative value on the preceding day.
The notes are putable at a minimum of 25,000 notes. Holders will receive the closing indicative value minus an early redemption charge of 0.05%.
The notes are listed on the NYSE Arca under the ticker symbol "UGLD."
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | VelocityShares 3x Long Gold exchange-traded notes
|
| Underlying index: | S&P GSCI Gold Index Excess Return
|
| Amount: | $32,947,550, increased from original $5 million
|
| Maturity: | Oct. 14, 2031
|
| Coupon: | 0%
|
| Price: | Par of $50 for $5 million; 97.56 for $1.25 million; 107.74 for $1.25 million; 80.78 for $1.25 million; 82.22 for $2.5 million; 82.38 for $1.25 million; 86.94 for $1.25 million; 106.34 for $1.25 million; 101.84 for $1.25 million; 102.24 for $1.25 million; 109.94 for $483,350; 98.44 for $7,491,550; 96.08 for $1.25 million; 87.14 for $2.5 million; 86.42 for $1.25 million; 93.32 for $2,472,650
|
| Payout at maturity: | Amount equal to closing indicative value of notes on Oct. 8, 2031
|
| Closing indicative value: Closing indicative value on preceding day times daily ETN performance on that day minus daily investor fee; daily ETN performance equals one plus daily accrual plus three times index's return
|
| Put option: | Subject to minimum of 25,000 notes and 0.05% early redemption charge
|
| Pricing dates: | Oct. 14 for $5 million; Nov. 21 for $1.25 million; Dec. 1 for $1.25 million; Dec. 14 for $1.25 million; Dec. 19 for $2.5 million; Jan. 3 for $1.25 million; Jan. 13 for $1.25 million; Feb. 1 for $1.25 million; Feb. 6 for $1.25 million; Feb. 15 for $1.25 million; Feb. 22 for $483,350; Feb. 29 for $7,491,550; March 8 for $1.25 million; March 20 for $2.5 million; March 22 for $1.25 million; March 26 for $2,472,650
|
| Settlement dates: | Oct. 19 for original issue; Nov. 23 for first add-on; Dec. 5 for second add-on; Dec. 19 for third add-on; Dec. 22 for fourth add-on; Jan. 6 for fifth add-on; Jan. 19 for sixth add-on; Feb. 3 for seventh add-on; Feb. 9 for eighth add-on; Feb. 21 for ninth add-on; Feb. 27 for 10th add-on; March 1 for 11th add-on; March 2 for 12th add-on; March 5 for 13th add-on; March 13 for 14th add-on; March 21 for 15th add-on; March 27 for 16th add-on; March 29 for 17th add-on
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | None
|
| Listing: | NYSE Arca: UGLD
|
| Cusip: | 22542D688
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