New Issue: Credit Suisse sells $2.5 million 16.5% reverse convertibles linked to Apple

By Angela McDaniels

Seattle, July 27 - Credit Suisse (USA), Inc. priced a $2.5 million offering of 16.5% reverse convertible securities due Jan. 31, 2007 linked to Apple Computer, Inc. stock, according to a FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par unless Apple stock falls below the knock-in level of $51.096, 80% of its initial price of $63.87, during the life of the notes.

If the knock-in level is hit, the payout will be par in cash if Apple's stock closes above its initial price on the valuation date of Jan. 25, 2007. Otherwise, the payout will be a number of Apple shares equal to $1,000 divided by the initial price.

Issuer:	Credit Suisse (USA) Inc.
Issue:	Reverse convertible securities
Amount:	$2.5 million
Underlying stock:	Apple Computer, Inc.
Maturity:	Jan. 31, 2007
Coupon:	16.5%, payable quarterly
Price:	Par
Payout at maturity:	Par unless stock falls below knock-in price of $51.096 during the life of the notes and closes below its initial value on Jan. 25, 2007, in which case payout will 15.6568 shares of Apple stock
Initial share price:	$63.87
Knock-in price:	$51.096, 80% of initial price
Valuation date:	Jan. 25, 2007
Pricing date:	July 24
Settlement date:	July 26
Underwriter:	Credit Suisse Securities (USA) LLC

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