By Tali Rackner
Minneapolis, Feb. 26 – Credit Suisse AG, London Branch, priced $965,000 of contingent coupon autocallable reverse convertible securities due May 22, 2019 linked to the common shares of Valeant Pharmaceuticals International, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 14.25% per year if Valeant shares close at or above the coupon barrier level, 50% of the initial share price, on the observation date for that month.
The notes will be automatically called at par plus the coupon if the shares close at or above the initial share price on any quarterly trigger observation date.
The payout at maturity will be par unless Valeant shares ever close at or below the knock-in price, 50% 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 or, at the issuer’s option, the cash equivalent.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stock: | Valeant Pharmaceuticals International, Inc. (Symbol: VRX)
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| Amount: | $965,000
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| Maturity: | May 22, 2019
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| Contingent coupon: | 14.25%, payable monthly if stock closes at or above coupon barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless stock falls and ever closes at or below knock-in price during life of notes, in which case a number of Valeant shares equal to $1,000 divided by the initial share price
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| Call: | At par plus the coupon if stock closes at or above initial share price on any quarterly trigger observation date
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| Initial price: | $19.88
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| Coupon barrier/knock in level: | $9.44, 50% of initial price
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| Pricing date: | Feb. 16
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| Settlement date: | Feb. 22
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.25%
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| Cusip: | 22549JQC7
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