Credit Suisse sets bondholders meeting for subordinated bonds due 2029

By Marisa Wong

Los Angeles, Aug. 7 – Credit Suisse AG, London Branch (formerly Credit Suisse First Boston, London Branch) issued a notice of a meeting for holders of its €25 million 9.35% fixed-to-floating subordinated bonds due 2029 (ISIN: XS0102733408).

The issuer is seeking consent from holders to an extraordinary resolution to modify the conditions of the bonds such that the floating rate applicable to each interest period from and including the Oct. 15 will be determined by reference to the sterling-denominated Sonia ICE swap rate, instead of CMS15, which is calculated by reference to the sterling Libor ICE swap rate which is now unavailable.

Voting instructions are due by 5 a.m. ET on Sept. 8.

The meeting is set for 5 a.m. ET on Sept. 13.

The quorum required at the meeting is one or more persons holding not less than three-quarters of the outstanding bonds. If a quorum is not present at the meeting, the meeting will be adjourned. The quorum at the adjourned meeting will be one or more persons holding at least one-quarter of the outstanding bonds.

To pass, the extraordinary resolution requires a majority of not less than three-fourths of the votes cast.

BNY Mellon Corporate Trustee Services Ltd. is the trustee.

The issuer is an investment bank based in London. Parent company Credit Suisse AG is now a subsidiary of UBS Group AG; both are based in Zurich.

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