Credit Suisse plans 7%-8.5% reverse convertible securities on Apple

By Marisa Wong

Madison, Wis., May 3 -Credit Suisse AG, Nassau Branch plans to price 7% to 8.5% reverse convertible securities due May 20, 2014 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly. The exact coupon will be set at pricing.

A knock-in event occurs if Apple stock closes at or below the knock-in price on any day during the life of the notes. The knock-in price will be about 75% of the initial price and will be set at pricing.

The payout at maturity will be par unless a knock-in event occurs and the final share price is less than the initial share price, in which case the payout will be a number of Apple shares equal to $1,000 divided by the initial share price.

Credit Suisse Securities (USA) LLC is the agent.

The notes are expected to price on May 15 and settle on May 20.

The Cusip number is 22546T7F2.

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