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Credit Suisse plans 9%-11% autocallable reverse convertibles on Apple
By Tali Rackner
Norfolk, Va., Sept. 4 – Credit Suisse AG plans to price 9% to 11% autocallable reverse convertible securities due Oct. 3, 2016 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly, with the exact percentage to be set at pricing.
The notes will be called at par if Apple shares close at or above the initial level on March 30, 2016 or June 29, 2016.
The payout at maturity will be par unless Apple shares ever close at or below the knock-in level, about 70% 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 Apple shares equal to $1,000 divided by the initial share price. The exact knock-in level will be fixed at pricing.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price on Sept. 29 and settle on Oct. 2.
The Cusip number is 22546VM37.
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