Published on 2/27/2007 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $3.175 million 12.75% notes linked to Smith & Wesson
By Angela McDaniels
Seattle, Feb. 27 - Credit Suisse (USA), Inc. priced a $3.175 million offering of reverse convertible securities due Aug. 31, 2007 linked to the common stock of Smith & Wesson Holding Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month securities will pay 6.375% for an annualized rate of 12.75%. Interest is payable quarterly.
The payout at maturity will be par unless Smith & Wesson stock falls below the knock-in price of $8.4435 during the life of the securities and finishes below the initial share price of $12.99, in which case the payout will be a number of Smith & Wesson 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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Underlying stock: | Smith & Wesson Holding Corp.
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Amount: | $3.175 million
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Maturity: | Aug. 31, 2007
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Coupon: | 12.75%, payable quarterly
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Price: | Par
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Payout at maturity: | If Smith & Wesson falls below the knock-in price during the life of the securities and finishes below the initial share price, 76.98229 Smith & Wesson shares; otherwise, par
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Initial share price: | $12.99
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Knock-in price: | $8.4435, 65% of $12.99
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Pricing date: | Feb. 22
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Settlement date: | Feb. 28
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Underwriter: | Credit Suisse Securities (USA) LLC
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Underwriting discount: | 1.99%
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Distributor: | FIS
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