Published on 2/27/2007 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $698,000 10% notes linked to Sotheby's
By Angela McDaniels
Seattle, Feb. 27 - Credit Suisse (USA), Inc. priced a $698,000 offering of 10% reverse convertible securities due Feb. 27, 2008 linked to the common stock of Sotheby's, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The payout at maturity will be par unless Sotheby's stock falls below the knock-in price of $28.105 during the life of the securities and finishes below the initial share price of $40.15, in which case the payout will be a number of Sotheby'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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Underlying stock: | Sotheby's
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Amount: | $698,000
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Maturity: | Feb. 27, 2008
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Coupon: | 10%, payable quarterly
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Price: | Par
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Payout at maturity: | If Sotheby's falls below the knock-in price during the life of the securities and finishes below the initial share price, 24.9066 Sotheby's shares; otherwise, par
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Initial share price: | $40.15
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Knock-in price: | $28.105, 70% of $40.15
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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: | 3.08%
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Distributor: | FIS
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