Credit Suisse plans 16.5% autocallable reverse converts on stocks

By Sarah Lizee

Olympia, Wash., May 6 – Credit Suisse AG, London Branch plans to price 16.5% autocallable reverse convertible securities due June 1, 2020 linked to the worst performing of the common stocks of First Solar, Inc., General Electric Co. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be automatically called at par plus the coupon if each stock closes at or above its respective initial level on any quarterly trigger observation date.

The payout at maturity will be par unless the worst performing stock finishes below its expected 55% knock-in level, in which case investors will receive a number of shares of the worst performing stock 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. The exact knock-in level will be set at pricing.

Credit Suisse Securities (USA) LLC is the agent.

The notes (Cusip: 22549JR77) will price on May 24.

© 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.