Credit Suisse amends callable Cert Plus notes tied to S&P 500, Russell

By Angela McDaniels

Tacoma, Wash., Feb. 6 - Credit Suisse AG, Nassau Branch changed the call date and call return of its 0% callable Cert Plus securities due March 5, 2013 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The securities are redeemable on Sept. 5, 2012 at par plus 6.25% to 8.25%. The exact call return will be set at pricing.

Prior to the change, the notes were going to be redeemable on Dec. 5, 2012 at par plus 16% to 20%.

As previously reported, if the securities are not called, the payout at maturity will be par plus the underlying return of the worst-performing index.

A knock-out event will occur if either index closes at or below its knock-in level, expected to be 70% of its initial level, during the life of the notes.

If an index finishes at or above its initial level, its underlying return will be 150% of its return.

If an index finishes below its initial level and a knock-in event has occurred, its underlying return will equal its return.

If an index finishes below its initial level and a knock-in event has not occurred, its underlying return will be zero.

The securities (Cusip: 22546TLC3) are expected to price Feb. 29 and settle March 5.

Credit Suisse Securities (USA) LLC is the underwriter.

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