Credit Suisse plans autocallable reverse convertibles on Valeant

By Marisa Wong

Morgantown, W.Va., Sept. 11 – Credit Suisse AG, London Branch plans to price autocallable reverse convertible securities due Oct. 3, 2016 linked to the common stock of Valeant Pharmaceuticals International, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is expected to be 10% to 12% and will be set at pricing. Interest will be payable monthly.

The notes will be automatically called at par if Valeant shares close at or above the initial share price on March 30, 2016 or June 29, 2016.

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 investors will receive a number of Valeant shares equal to $1,000 divided by the initial share price.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price Sept. 29 and settle Oct. 2.

The Cusip number is 22546VMC7.

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