By Marisa Wong
Madison, Wis., Nov. 15 - Credit Suisse AG, London Branch priced $25.36 million of 8.5% STEP Income Securities due Nov. 28, 2014 linked to the common stock of Masco Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the final price of Masco stock is greater than or equal to the step level, the payout at maturity will be par of $10 plus the step payment. The step level will be 108.5% of the initial share price. The step payment is 5.27%.
If the final share price is greater than or equal to the threshold level, 95% of the initial share price, but less than the step level, investors will receive par.
If the final share price is less than the threshold level, investors will lose 1% for every 1% that the price declines below the threshold level.
BofA Merrill Lynch is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | STEP Income Securities
|
| Underlying stock: | Masco Corp. (NYSE: MAS)
|
| Amount: | $25,364,620
|
| Maturity: | Nov. 28, 2014
|
| Coupon: | 8.5%, payable quarterly
|
| Price: | Par of $10
|
| Payout at maturity: | If final share price is greater than or equal to step level, par plus step payment of 5.27%; if final share price is greater than or equal to threshold value but less than step level, par; otherwise, 1% loss for every 1% that price declines below threshold level
|
| Initial price: | $20.79
|
| Step level: | $25.56, 108.5% of initial price
|
| Threshold value: | $19.75, 95% of initial price
|
| Pricing date: | Nov. 13
|
| Settlement date: | Nov. 20
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 22545F300
|
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