New Issue: Credit Suisse sells $1.784 million 9% reverse convertibles linked to Apache

By Jennifer Chiou

New York, July 31 - Credit Suisse (USA), Inc. priced a $1.784 million offering of 9% reverse convertible securities due July 31, 2007 linked to Apache Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par unless Apache stock falls below the knock-in level of $51.5325, 75% of its initial price of $68.71, during the life of the notes.

If the trigger is hit, payout will be par in cash if Apache stock closes above its initial price on the valuation date of July 25, 2007. Otherwise, the payout will be a number of Apache shares equal to par of $1,000 divided by the initial price.

Issuer:	Credit Suisse (USA) Inc.
Issue:	Reverse convertible securities
Amount:	$1.784 million
Underlying stock:	Apache Corp.
Maturity:	July 31, 2007
Coupon:	9%, payable quarterly
Price:	Par
Payout at maturity:	Par unless stock falls below knock-in price of $51.5325 during the life of the notes and closes below its initial value on July 25, 2007, payout will then be par of $1,000 divided by $68.71 shares of Apache stock
Initial share price:	$68.71
Knock-in price:	$51.5325, 75% of initial price
Pricing date:	July 26
Settlement date:	July 31
Underwriter:	Credit Suisse

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