Published on 8/30/2006 in the Prospect News Convertibles Daily.
New Issue: Credit Suisse prices $2.433 million 8.5% reverse convertibles linked to Lowe's
By Angela McDaniels
Seattle, Aug. 30 - Credit Suisse (USA) Inc. priced a $2.433 million issue of 8.5% reverse convertible securities due Aug. 31, 2007 linked to Lowe's Cos., Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par unless Lowe's stock falls below the knock-in level during the life of the notes and finishes below its initial price on Aug. 27, 2007, the valuation date, in which case the payout will be a number of Lowe's shares equal to $1,000 divided by the initial share price.
Issuer: | Credit Suisse (USA) Inc.
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Issue: | Reverse convertible securities
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Amount: | $2.433 million
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Underlying stock: | Lowe's Cos., Inc.
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Maturity: | Aug. 31, 2007
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Coupon: | 8.5%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless Lowe's stock falls below knock-in price of $21.704 during the life of the notes and finishes below its initial value, in which case payout will be 36.85957 shares of Lowe's stock
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Initial share price: | $27.13
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Knock-in price: | $21.704, 80% of initial price
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Pricing date: | Aug. 28
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Settlement date: | Aug. 31
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Underwriter: | Credit Suisse Securities (USA) LLC
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