New York, May 31 – Credit Suisse AG, Nassau Branch priced another $3.02 million of 0% Credit Suisse X-Links Cushing MLP Infrastructure 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 $3 million principal amount add-on priced at 100.6775 for proceeds of $3,020,325.
The original $15 million of notes priced on April 13, 2010.
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 an operating company or common units of a limited liability company that is an operating company.
The notes will pay a quarterly distribution 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 master limited partnership 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 20.00 plus the index return, which could be positive or negative, minus a fee factor of 0.85% per year.
The notes are putable in increments of $1 million or more on any business day, and they became callable on 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 the NYSE Arca under the symbol “MLPN.”
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | Credit Suisse Equal Weight MLP index exchange-traded notes
|
| Underlying index: | Cushing 30 MLP index
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| Amount: | $10,060,000, increased from original $15 million
|
| Proceeds: | $3,020,325 for latest $3 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
|
| Prices: | Par of $20.00 for original $15 million; 100.6775 for latest $3 million
|
| Payout at maturity: | Par plus index return minus 0.85% annualized fee factor
|
| Put option: | At any time, subject to minimum of $1 million
|
| Call option: | If principal amount of notes outstanding is $10 million or less
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| Pricing dates: | April 13, 2010 for original issue; May 27 for latest add-on
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| Settlement dates: | April 15, 2010 for original issue; June 2 for latest add-on
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| Underwriter: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.00%
|
| Listing: | NYSE Arca: MLPN
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| Cusip: | 22542D852
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