Credit Suisse plans autocallable reverse convertibles on Facebook

By Marisa Wong

Morgantown, W.Va., March 10 – Credit Suisse AG, London Branch plans to price 9% to 11% autocallable reverse convertible securities due March 27, 2017 linked to Facebook, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly, with the exact rate to be set at pricing.

The notes will be called at par if the stock closes at or above the initial price on Sept. 21, 2016 or Dec. 21, 2016.

The payout at maturity will be par unless the stock ever closes at or below the 70% knock-in level during the life of the notes, in which case investors will receive a number of Facebook shares equal to $1,000 divided by the initial level or, at the issuer’s option, the cash equivalent.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price on March 22 and settle on March 25.

The Cusip number is 22546VZ25.

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