Credit Suisse to sell 15.25% reverse convertibles linked to Under Armour

By Jennifer Chiou

New York, Nov. 2 - Credit Suisse (USA), Inc. plans to sell an offering of 15.25% reverse convertible securities due May 31, 2007 linked to Under Armour, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable quarterly.

The payout at maturity will be par unless Under Armour stock falls below the knock-in level of 70% of its initial price during the life of the notes.

If the trigger is hit, payout will be par in cash if Under Armour stock closes above its initial price on the valuation date of May 24, 2007. Otherwise, the payout will be a number of Under Armour shares equal to par of $1,000 divided by the initial price.

The securities are expected to settle in November.

Credit Suisse will be the underwriter.

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