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Credit Suisse plans 8%-10% autocallable reverse convertibles on Alexion
By Toni Weeks
San Luis Obispo, Calif., Dec. 3 – Credit Suisse AG plans to price 8% to 10% autocallable reverse convertible securities due Dec. 29, 2015 linked to Alexion Pharmaceuticals, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly. The exact rate will be set at pricing.
The notes will be called at par if the stock closes at or above the initial share price on June 24, 2015 or Sept. 24, 2015.
If the notes are not called, the payout at maturity will be par unless Alexion stock closes at or below the knock-in price, 70% of the initial share price, during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Alexion shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash value of those shares.
The securities (Cusip: 22547QYU4) are expected to price Dec. 23 and settle Dec. 29.
Credit Suisse Securities (USA) LLC is the agent.
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