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Credit Suisse to sell 11% reverse convertibles linked to Oregon Steel Mills
By Angela McDaniels
Seattle, April 7 - Credit Suisse (USA), Inc. plans to sell an offering of 11% reverse convertible securities due April 27, 2007 linked to Oregon Steel Mills Inc. common 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 Oregon Steel Mills 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 Oregon Steel Mills' stock closes above its initial price on the valuation date of April 23, 2007. Otherwise, payout will be a number of Oregon Steel Mills shares equal to par of $1,000 divided by the initial price.
Credit Suisse will be the underwriter of the issue. Settlement is expected on April 28.
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