Published on 5/25/2006 in the Prospect News Convertibles Daily.
New Issue: Credit Suisse sells $0.225 million 12.75% reverse convertibles linked to Allegheny Tech
By Jennifer Chiou
New York, May 25 - Credit Suisse (USA), Inc. priced a $0.225 million offering of 12.75% reverse convertible securities due May 25, 2007 linked to Allegheny Technologies, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par unless Allegheny Technologies stock falls below the knock-in level of $44.70, 70% of its initial price of $63.87, during the life of the notes.
If the trigger is hit, payout will be par in cash if Allegheny Technologies' stock closes above its initial price on the valuation date of May 21, 2007. Otherwise, the payout will be a number of Allegheny Technologies shares equal to par of $1,000 divided by the initial price.
Issuer: | Credit Suisse (USA) Inc.
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Issue: | Reverse convertible securities
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Amount: | $0.225 million
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Underlying stock: | Allegheny Technologies, Inc.
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Maturity: | May 25, 2007
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Coupon: | 12.75%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless stock falls below knock-in price of $44.70 during the life of the notes and closes below its initial value on May 21, 2007, payout will then be par of $1,000 divided by $63.87 shares of Allegheny Technologies stock
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Initial share price: | $63.87
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Knock-in price: | $44.70, 80% of initial price
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Pricing date: | May 23
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Settlement date: | May 25
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Underwriter: | Credit Suisse
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