Published on 7/31/2013 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $305,000 7.75% reverse convertibles tied to SanDisk
By Toni Weeks
San Luis Obispo, Calif., July 31 - Credit Suisse AG, London Branch priced $305,000 of 7.75% reverse convertible notes due Feb. 3, 2014 linked to SanDisk Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par in cash unless SanDisk shares fall below the knock-in price, 75% of the initial price, during the life of the notes and finish below the initial price, in which case the payout will be a number of SanDisk shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash value of those shares.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | SanDisk Corp. (Symbol: SNDK)
|
| Amount: | $305,000
|
| Maturity: | Feb. 3, 2014
|
| Coupon: | 7.75%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless SanDisk shares fall below the knock-in price and finish below the initial price, in which case a number of SanDisk shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash value of those shares
|
| Initial price: | $55.40
|
| Knock-in price: | $41.55, 75% of initial price
|
| Pricing date: | July 29
|
| Settlement date: | Aug. 1
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1%
|
| Cusip: | 22547Q5U6
|
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