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Credit Suisse plans autocallable reverse convertibles on First Solar
By Angela McDaniels
Tacoma, Wash., June 14 – Credit Suisse AG, London Branch plans to price autocallable reverse convertible securities due June 22, 2017 linked to the common stock of First Solar, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is expected to be 10% to 12% and will be set at pricing. Interest will be payable monthly.
The notes will be automatically called at par if First Solar shares close at or above the initial share price on Dec. 19, 2016 or March 17, 2017.
The payout at maturity will be par unless First Solar shares close at or below the knock-in price, 65% 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 First Solar shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price June 17.
The Cusip number is 22549JAJ9.
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