Published on 9/29/2006 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.49 million of 13.5% reverse convertibles linked to Freeport-McMoran
By Laura Lutz
Des Moines, Sept. 29 - Credit Suisse (USA) Inc. priced a $1.491 million issue of 13.5% reverse convertible securities due March 30, 2007 linked to Freeport-McMoran Copper & Gold, Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par unless Freeport-McMoran stock falls below the knock-in price during the life of the notes and finishes below its initial price on March 26, 2007, the valuation date, in which case the payout will be a number of Freeport-McMoran 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: | $1.491 million
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Underlying stock: | Freeport-McMoran Copper & Gold, Inc.
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Maturity: | March 30, 2007
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Coupon: | 13.5%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless Freeport-McMoran stock falls below knock-in price of $40.125 during the life of the notes and finishes below its initial value, in which case payout will be 18.6916 shares of Freeport-McMoran stock
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Initial share level: | $53.50
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Knock-in price: | $40.125, 75% of initial price
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Pricing date: | Sept. 26
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Settlement date: | Sept. 29
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Underwriter: | Credit Suisse Securities (USA) LLC
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Agents' fee: | $19.60 per $1,000 principal amount
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