Credit Suisse wraps any-and-all, capped tenders for numerous notes

By Susanna Moon

Chicago, March 14 – Credit Suisse Securities (Europe) Ltd. announced the results of the tender offer for any and all of $6.05 billion of six series of euro-denominated and dollar-denominated notes that began March 3.

In separate capped offers, the company also was tendering for up to $3.75 billion of notes less the purchase amount in the any-and-all offers.

In the euro-denominated any-and-all offers, investors had tendered the following amounts with the purchase price for each €1,000 principal amount of notes issued by Credit Suisse AG, London Branch:

• €1,048,954,000 of the €1.5 billion floating-rate notes due November 2017 at a purchase price of €1,005;

• €883,565,000 of the €1.5 billion floating-rate notes due December 2017 at a purchase price of €1,005.25; and

• €941,974,000 of the €1.6 billion floating-rate notes due February 2018 at a purchase price of €1,005.75.

After settlement, there will be left outstanding €451,046,000 of the floaters due November 2017, €616,435,000 of the floaters due December 2017 and €658,026,000 of the floaters due February 2018, according to a company update on Tuesday.

For the dollar-denominated notes, the company accepted tenders for the following amount of notes with pricing set for each $1,000 principal amount at 10 a.m. ET on March 13 using the reference yield based on the bid-side price of a reference security:

• $208,414,000 of Credit Suisse AG, New York Branch’s $1,188,000,000 6% subordinated notes due February 2018 with pricing at $1,036.47 using 1.125% U.S. Treasury notes due Feb. 28, 2019 plus 60 basis points;

• None of Credit Suisse AG, London Branch’s $10 million 5.6% notes due July 2040 with pricing at $1,135.51 based on 2.875% U.S. Treasury notes due Nov. 15, 2046 plus 145 bps; and

• None of Credit Suisse AG, London Branch’s $20 million 1.64% notes due June 2042 with pricing at $549.91 based on 2.875% U.S. Treasury notes due Nov. 15, 2046 plus 155 bps.

Holders also will receive accrued interest to but excluding the settlement date.

The tender offers ended at noon ET on March 13, with settlement set to follow on March 15.

The guaranteed delivery deadline is 5 p.m. on March 15, with settlement on March 16.

Credit Suisse Securities (Europe) Ltd. (800 820-1653, 212 538-2147, +44 20 7883 8763 / +44 20 7888 9350 or liability.management@credit-suisse.com) is the dealer manager. D.F. King & Co., Inc. (212 269 5550, 800 431 9643, cs@dfking.com or fax 212 709 3328) is the U.S. information and tender agent, and Lucid Issuer Services Ltd. (+44 20 7704 0880 or cs@lucid-is.com) is the European information and tender agent.

Capped tender offers

Credit Suisse Securities (Europe) Ltd. also was holding a capped tender for a number of notes issued by Credit Suisse AG, London Branch.

Credit Suisse will accept an increased amount of $4.31 billion less the amount spent in the any-and-all offers and set the capped amount at €949,696,573, according to a separate company update.

Specifically, the company accepted for purchase €579,054,000 of the €1 billion 0.5% notes due March 2018 with no scaling and €361,992,000, or 48.7%, of the €1 billion floating-rate notes due June 2018. No other notes will be purchased in the offers.

After settlement, there will be left outstanding €420,946,000 of the 0.5% notes and €638,008,000 of the floaters.

Pricing for each €1,000 principal amount was set at 6 a.m. ET on March 14 as follows:

• €2 billion outstanding principal amount 5.125% notes due September 2017 with a purchase price of €1,031.25;

• €1 billion outstanding principal amount 0.5% notes due March 2018 with pricing at €1,009.78 set using the 0.25% German Bundesobligationen due April 13, 2018 plus 45 bps for a purchase yield of negative 0.438%;

• €1 billion outstanding principal amount floating-rate notes due June 2018 with a purchase price of €1,008.25;

• €50 million outstanding principal amount 0.59% notes due July 2018 with pricing based on the 0% German Bundesobligationen due Dec. 14, 2018 plus 15 bps;

• €1.5 billion outstanding principal amount 0.625% notes due November 2018 with pricing based on the 1% German Bundesobligationen due Oct. 12, 2018 plus 50 bps;

• €1.25 billion outstanding principal amount 0.375% notes due April 2019 with pricing based on the 1% German Bundesobligationen due Feb. 22, 2019 plus 65 bps;

• €2.55 billion outstanding principal amount 4.75% notes due August 2019 with pricing based on the 3.5% German Bundesobligationen due July 4, 2019 plus 80 bps;

• €1 billion outstanding principal amount floating-rate notes due October 2019 with purchase price €1,013;

• €2.25 billion outstanding principal amount 1.375% notes due November 2019 with pricing based on the 3.5% German Bundesobligationen due July 4, 2019 plus 75 bps; and

• €50 million outstanding principal amount 2.92% notes due May 2034 with pricing based on the 4% German Bundesobligationen due Jan. 4, 2037 plus 65 bps.

The capped tender offers ended at noon ET on March 13, with settlement expected to occur on March 15.

Credit Suisse Securities (Europe) Ltd. (+44 20 7883 8763 / +44 20 7888 9350 or liability.management@credit-suisse.com) is the dealer manager. Lucid Issuer Services Ltd. (+44 20 7704 0880, fax +44 20 3004 1590 or cs@lucid-is.com) is the tender agent.

Credit Suisse AG is a financial services company based in Zurich.

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