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Credit Suisse plans reverse splits for VelocityShares oil, gas ETNs
By Tali Rackner
Norfolk, Va., Sept. 2 – Credit Suisse AG said it will implement a 1-for-10 reverse split of its VelocityShares 3x Long Crude Oil exchange-traded notes due Feb. 9, 2032 and a 1-for-5 reverse split of its VelocityShares 3x Long Natural Gas exchange-traded notes due Feb. 9, 2032, according to a company news release.
The reverse split is expected to be effective as of Sept. 10.
Holders of record will receive one reverse split-adjusted ETN for every 10 units of the Long Crude Oil ETNs and one reverse split-adjusted ETN for every five units of the Long Natural Gas ETNs.
Those who hold a number of units of ETNs not evenly divisible by 10 or five, as applicable, will receive a cash payment for any fractional number of units remaining (partials). The cash amount due on any partials will be determined on Sept. 17 based on the closing indicative value of the ETNs on that date and will be paid on Sept. 18.
The closing indicative value on Sept. 9 will be multiplied by 10 for the Long Crude Oil ETNs and by five for the Long Natural Gas ETNs to determine the reverse split-adjusted closing indicative value.
Following the reverse split, the Long Crude Oil ETNs will keep their “UWTI” ticker symbol but the Cusip number will change to 22542D399 from 22542D589, and the Long Natural Gas ETNs will keep their “UGAZ” ticker symbol but the Cusip number will change to 22542D381 from 22542D571.
The reverse splits will affect the trading denominations of the ETNs but will not have any effect on the principal amount of the underlying notes, except that the principal amounts will be reduced by the corresponding aggregate amount of any cash payments for partials.
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