New Issue: Credit Suisse prices $2.45 million autocallable reverse exchangeables tied to Valeant

By Susanna Moon

Chicago, Aug. 27 – Credit Suisse AG, London branch priced $340,000 of 10% autocallable single observation reverse convertible notes due Aug. 29, 2016 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 stock closes at or above the initial share price on either review date.

The payout at maturity will be par unless the stock ever closes below the barrier level, 55% of the initial share price, during the life of the notes and finishes below the initial level, in which case investors will receive a number of Valeant 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.

Issuer:	Credit Suisse AG, London branch
Issue:	Autocallable reverse convertible notes
Underlying stock:	Valeant Pharmaceuticals International, Inc. (Symbol: VRX)
Amount:	$2,447,000
Maturity:	Aug. 29, 2016
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par unless the stock ever dips below the barrier level and finishes below the initial level, in which case 8.2615 Valeant shares
Call:	At par if stock closes at or above initial share price on Feb. 24, 2016 or May 25, 2016
Initial share price:	$220.08
Barrier price:	$121.044, 55% of initial share price
Pricing date:	Aug. 25
Settlement date:	Aug. 28
Agent:	Credit Suisse Securities (USA) LLC
Fees:	2.1%
Cusip:	22546VJP2

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