Published on 1/29/2007 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.494 million of 18% reverse convertibles linked to Netflix
By Laura Lutz
Washington, Jan. 29 - Credit Suisse (USA), Inc. priced $1.494 million of 18% reverse convertible securities due July 31, 2007 linked to Netflix, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par unless Netflix stock falls below the knock-in price of $16.275 - 70% of the initial value - during the life of the notes and finishes below its initial price of $23.25 on July 25, 2007, the valuation date, in which case the payout will be a number of Netflix shares equal to $1,000 divided by the initial share price.
Issuer: | Credit Suisse Securities (USA), Inc.
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Issue: | Reverse convertible securities
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Underlying stock: | Netflix, Inc.
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Amount: | $1.494 million
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Maturity: | July 31, 2007
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Coupon: | 18%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless Netflix stock falls below the knock-in price of $16.275 during the life the notes and finishes below its initial value, in which case payout will be 43.011 shares of Netflix stock
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Initial price: | $23.25
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Knock-in price: | $16.275, 70% of $23.25
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Pricing date: | Jan. 25
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Settlement date: | Jan. 31
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Agent: | Credit Suisse Securities (USA) LLC
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Distributor: | FIS
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Agent's fee: | 2.09%
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