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Credit Suisse plans 8% autocallable reverse convertibles on SanDisk
By Jennifer Chiou
New York, April 21 - Credit Suisse AG plans to price 8% autocallable reverse convertible securities due April 30, 2015 linked to SanDisk Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called at par if the stock closes at or above the initial share price on any monthly call date.
The payout at maturity will be par unless SanDisk stock closes at or below the knock-in price, about 70% of the initial share price, during the life of the notes and finishes below the initial share price, in which case the payout will be a number of SanDisk shares equal to $1,000 divided by the initial share price.
The exact terms will be set at pricing.
The notes (Cusip: 22547QM94) are expected to price on April 25 and settle on April 30.
Credit Suisse Securities (USA) LLC is the agent.
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