By Susanna Moon
Chicago, Feb. 27 - Credit Suisse AG, London Branch priced $2.21 million of 11% autocallable reverse convertible notes due Feb. 27, 2015 linked to Valeant Pharmaceuticals International, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Valeant shares close at or above the initial share price on any quarterly observation date beginning.
The payout at maturity will be par unless Valeant shares close at or below the knock-in price, 60% of the initial share price, during the life of the notes and finish 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.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Autocallable reverse convertible securities
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Underlying stock: | Valeant Pharmaceuticals International, Inc. (Symbol: VRX)
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Amount: | $2,207,000
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Maturity: | Feb. 27, 2015
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Coupon: | 11%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Valeant stock closes at or below knock-in price during life of notes and finishes below initial share price, in which case 6.8937 Valeant shares
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Call: | At par if Valeant shares close at or above initial share price on any quarterly observation date
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Initial share price: | $145.06
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Knock-in price: | $87.036, 60% of initial share price
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Pricing date: | Feb. 25
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Settlement date: | Feb. 28
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.1%
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Cusip: | 22547QHP4
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