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Credit Suisse plans autocallable reverse convertibles tied to Skechers
By Angela McDaniels
Tacoma, Wash., Oct. 30 – Credit Suisse AG, London Branch plans to price autocallable reverse convertible securities due Nov. 16, 2016 linked to the class A common stock of Skechers U.S.A., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is expected to be 9% to 11% and will be set at pricing. Interest will be payable monthly.
The notes will be automatically called at par if Skechers shares close at or above the initial share price on May 11, 2016 or Aug. 11, 2016.
The payout at maturity will be par unless Skechers shares close at or below the knock-in price, 55% of the initial share price, during the life of the notes and finish below the initial share price, in which case investors will receive a number of Skechers shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price Nov. 10 and settle Nov. 16.
The Cusip number is 22546VQ25.
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