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Credit Suisse plans 7% autocallable reverse convertibles on VeriFone
By Susanna Moon
Chicago, Aug. 12 – Credit Suisse AG, London Branch plans to price 7% autocallable reverse convertible notes due Aug. 22, 2016 linked to VeriFone Systems, 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 VeriFone stock closes at or above the initial share price on either of two trigger observation dates.
The payout at maturity will be par unless the stock ever closes below the 70% knock-in level during the life of the notes and the stock finishes below its initial level, in which case investors will receive a number of VeriFone 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.
The notes will price on Aug. 18 and settle on Aug. 21.
The Cusip number is 22546VJZ0.
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