Published on 3/19/2007 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.495 million 15.5% reverse convertibles linked to Blockbuster
By Laura Lutz
Washington, March 19 - Credit Suisse (USA), Inc. priced $2.495 million of 15.5% reverse convertible securities due Sept. 21, 2007 linked to Blockbuster Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par unless Blockbuster stock falls below the knock-in price of $4.6735 - 65% of the initial value - during the life of the notes and finishes below its initial price of $7.19, in which case the payout will be a number of Blockbuster 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: | Blockbuster Inc.
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Amount: | $2.495 million
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Maturity: | Sept. 21, 2007
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Coupon: | 15.5%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless Blockbuster stock falls below the knock-in price of $4.6735 during the life the notes and finishes below its initial value, in which case payout will be a number of shares equal to $1,000 divided by the initial share price
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Initial price: | $7.19
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Knock-in price: | $4.6735, 65% of $7.19
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Pricing date: | March 15
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Settlement date: | March 21
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Agent: | Credit Suisse Securities (USA) LLC
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Distributor: | FIS
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Agent fee: | 2.03%
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