Credit Suisse updates maturity for reverse convertibles on Facebook

By Marisa Wong

Morgantown, W.Va., Jan. 11 – Credit Suisse AG, London Branch pushed back the maturity, trigger observation and pricing dates of its upcoming autocallable reverse convertible securities linked to the class A common stock of Facebook Inc., according to an amended 424B2 filing with the Securities and Exchange Commission.

The notes will mature on Jan. 25, 2018, instead of Jan. 22, 2018 as stated in a previous 424B2 filing.

The pricing date was moved to Jan. 20 from Jan. 17.

The interest rate is expected to be 8.75% to 10.75% and will be set at pricing. Interest will be payable monthly.

The notes will be automatically called at par if Facebook shares close at or above the initial share price on July 20, 2017 or Oct. 20, 2017. The observation dates were previously set at July 17, 2017 and Oct. 17, 2017.

The payout at maturity will be par unless Facebook shares close at or below the knock-in price, 70% of the initial share price, during the life of the notes and finish below the initial share price, in which case investors will receive a number of Facebook 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.

Credit Suisse Securities (USA) LLC is the agent.

The Cusip number is 22549JDV9.

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