Credit Suisse launches up to $2.5 billion tender offer for 10 notes

By Marisa Wong

Los Angeles, March 16 – Credit Suisse International announced invitations to holders of outstanding securities from 10 series to tender their securities for cash for an aggregate total consideration, excluding interest, of up to $2.5 billion, according to multiple press releases.

Credit Suisse International is offering to purchase the following securities issued by Credit Suisse AG, New York branch, listed in order of acceptance priority level and with the total consideration per $1,000 principal amount:

• $1,917,000,000 outstanding 1% notes due May 5, 2023 (Cusip: 22550L2D2) at $980;

• $1,232,000,000 outstanding 0.52% notes due Aug. 9, 2023 (Cusip: 22550L2F7) at $970;

• $591 million floating-rate notes due Aug. 9, 2023 (Cusip: 22550UAD3) at $950;

• $923 million 0.495% notes due Feb. 2, 2024 (Cusip: 22550L2E0) at $900;

• $946 million floating-rate notes due Feb. 2, 2024 (Cusip: 22550UAB7) at $950;

• $1,121,000,000 4.75% notes due Aug. 9, 2024 (Cusip: 22550L2J9) at $950;

• $2,882,000 3.625% notes due Sept. 9, 2024 (Cusip: 22546QAP2) at $925;

• $1,991,000,000 3.7% notes due Feb. 21, 2025 (Cusip: 22550L2H3) at $925;

• $333 million floating-rate notes due Feb. 21, 2025 (Cusip: 22550UAF8) at $900; and

• $1,266,000,000 2.95% notes due April 9, 2025 (Cusip: 22550L2C4) at $900.

The company will also pay accrued interest to but excluding the settlement date.

The offeror may choose to increase or waive the tender offer cap.

The offer began on March 15 and will expire at 5 p.m. ET on March 22. Tenders may be withdrawn prior to the deadline.

Settlement is expected to occur on March 24.

Settlement of tenders under guaranteed delivery procedures is slated for March 28.

Credit Suisse Securities (USA) LLC (800 820-1653, 212 538-2147, +44 20 7883 8763; americas.lm@credit-suisse.com) is the dealer manager.

The information and tender agent is D.F. King & Co. Inc. (212 269-5550, 800 714-3311; attn.: Michael Horthman; cs@dfking.com).

Concurrently, Credit Suisse International is conducting a separate cash tender offer for four euro-denominated senior debt securities for an aggregate consideration of up to €500 million.

That offer will also expire on March 22.

In addition, Credit Suisse said it is “taking decisive action to pre-emptively strengthen its liquidity” by borrowing up to CHF 50 billion from the Swiss National Bank under a covered loan facility as well as a short-term liquidity facility.

The financial services provider is based in Zurich.

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