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Credit Suisse to sell 11% reverse convertibles linked to Sherwin-Williams
By Angela McDaniels
Seattle, March 8 - Credit Suisse (USA) Inc. plans to sell an issue of 11% reverse convertible securities due March 30, 2007 linked to Sherwin-Williams Co. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par unless Sherwin-Williams 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 at maturity will be par in cash if Sherwin-Williams stock closes above its initial price on March 26, 2007, the valuation date. Otherwise, payout is a number of Sherwin-Williams shares equal to par of $1,000 divided by the initial price.
Credit Suisse will be underwriter for the issue.
Settlement is expected on or about March 31.
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