New Issue: Credit Suisse sells $1.049 million 10.5% reverse convertibles linked to Sears Holding

By Jennifer Chiou

New York, June 28 - Credit Suisse (USA), Inc. priced a $1.049 million offering of 10.5% reverse convertible securities due June 29, 2007 linked to Sears Holding Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par unless Sears Holding stock falls below the knock-in level of $120.256, 80% of its initial price of $150.32, during the life of the notes.

If the trigger is hit, payout will be par in cash if Sears Holding's stock closes above its initial price on the valuation date of June 25, 2007. Otherwise, the payout will be a number of Sears Holding shares equal to par of $1,000 divided by the initial price.

Issuer:	Credit Suisse (USA) Inc.
Issue:	Reverse convertible securities
Amount:	$1.049 million
Underlying stock:	Sears Holding Corp.
Maturity:	June 29, 2007
Coupon:	10.5%, payable quarterly
Price:	Par
Payout at maturity:	Par unless stock falls below knock-in price of $120.256 during the life of the notes and closes below its initial value on June 25, 2007, payout will then be par of $1,000 divided by $150.32 shares of Sears Holding stock
Initial share price:	$150.32
Knock-in price:	$120.256, 80% of initial price
Pricing date:	June 27
Settlement date:	June 30
Underwriter:	Credit Suisse

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