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Credit Suisse to sell 13.25% reverse convertibles linked to Netflix
By Jennifer Chiou
New York, June 1 - Credit Suisse (USA), Inc. plans to sell an offering of 13.25% reverse convertible securities due June 29, 2007 linked to Netflix, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
The payout at maturity will be par unless Netflix stock falls below the knock-in level of 70% of its initial price during the life of the notes.
If the trigger is hit, payout will be par in cash if Netflix' stock closes above its initial price on the valuation date of June 25, 2007. Otherwise, the payout will be a number of Netflix shares equal to par of $1,000 divided by the initial price.
Credit Suisse will be the underwriter.
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