Published on 5/25/2006 in the Prospect News Convertibles Daily.
New Issue: Credit Suisse sells $1.427 million 14.5% reverse convertibles linked to Openwave Systems
By Jennifer Chiou
New York, May 25 - Credit Suisse (USA), Inc. priced a $1.427 million offering of 14.5% reverse convertible securities due May 25, 2007 linked to Openwave Systems Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par unless Openwave Systems stock falls below the knock-in level of $10.31, 70% of its initial price of $14.73, during the life of the notes.
If the trigger is hit, payout will be par in cash if Openwave Systems' stock closes above its initial price on the valuation date of May 21, 2007. Otherwise, the payout will be a number of Openwave Systems shares equal to par of $1,000 divided by the initial price.
Issuer: | Credit Suisse (USA) Inc.
|
Issue: | Reverse convertible securities
|
Amount: | $1.427 million
|
Underlying stock: | Openwave Systems Inc.
|
Maturity: | May 25, 2007
|
Coupon: | 14.5%, payable quarterly
|
Price: | Par
|
Payout at maturity: | Par unless stock falls below knock-in price of $10.31 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 $14.73 shares of Openwave Systems stock
|
Initial share price: | $14.73
|
Knock-in price: | $10.31, 80% of initial price
|
Pricing date: | May 23
|
Settlement date: | May 25
|
Underwriter: | Credit Suisse
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.