By Wendy Van Sickle
Columbus, Ohio, March 19 – Credit Suisse AG, London Branch priced $4.33 million of contingent coupon autocallable reverse convertible securities due June 14, 2021 tied to the common stock of Ligand Pharmaceuticals Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annual rate of 18.82% if the stock closes at or above its 56% knock-in level on a monthly observation date.
The notes will be called at par if the shares close at or above the initial share price on any quarterly trigger observation date after six months.
The payout at maturity will be par unless the shares finish below their knock-in level, in which case investors will receive a number of 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.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable reverse convertible securities
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Underlying stock: | Ligand Pharmaceuticals Inc.
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Amount: | $4,334,000
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Maturity: | June 14, 2021
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Coupon: | 18.82% payable monthly if the stock closes at or above its knock-in level on a monthly observation date
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Price: | Par
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Payout at maturity: | Par unless the shares finish below their knock-in level, in which case investors will receive a number of 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
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Call: | At par if shares close at or above initial share price on any quarterly trigger observation date after six months
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Initial level: | $94.61
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Knock-in price: | $52.9816, 56% of initial share price
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Pricing date: | March 9
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Settlement date: | March 12
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.25%
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Cusip: | 22550MBL2
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