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Credit Suisse plans 11% autocallable reverse convertibles on Valeant
By Toni Weeks
San Luis Obispo, Calif., Feb. 7 - Credit Suisse AG plans to price 11% autocallable reverse convertible securities due Feb. 27, 2015 linked to Valeant Pharmaceuticals International, Inc. 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 quarterly call date.
The payout at maturity will be par unless Valeant stock closes at or below the knock-in price, about 60% 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 Valeant shares equal to $1,000 divided by the initial share price. The exact knock-in level will be set at pricing.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price on Feb. 25 and settle on Feb. 28.
The Cusip number is 22547QHP4.
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