Published on 9/18/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $735,000 10.25% autocallable reverse convertibles on First Solar
By Susanna Moon
Chicago, Sept. 18 – Credit Suisse AG, London Branch priced $735,000 of 10.25% autocallable reverse convertible securities due Sept. 21, 2015 linked to First Solar, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if the closing price of First Solar common stock is more than its initial price on either March 16, 2015 or June 16, 2015.
If the notes are not called, the payout at maturity will be par in cash, unless First Solar shares fall to or below 65% of the initial price during the life of the notes and finish below the initial share price, in which case investors will receive a number of First Solar shares equal to $1,000 divided by the initial share price or, at the issuer’s option, a cash amount equal to the value of those shares.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable reverse convertible securities
|
| Underlying stock: | First Solar, Inc. (Symbol: FSLR)
|
| Amount: | $735,000
|
| Maturity: | Sept. 21, 2015
|
| Coupon: | 10.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless First Solar shares fall to or below knock-in price during the life of the notes and finish below the initial price, in which case 14.14627 First Solar shares
|
| Initial price: | $70.69
|
| Knock-in price: | $45.949, 65% of initial share price
|
| Call: | At par plus accrued interest if stock closes at or above initial price on March 16, 2015 or June 16, 2015
|
| Pricing date: | Sept. 16
|
| Settlement date: | Sept. 19
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.1%
|
| Cusip: | 22547QTJ5
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
