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Credit Suisse plans 5.5%-7.5% autocall reverse convertibles on Apple
By Susanna Moon
Chicago, June 22 – Credit Suisse AG plans to price 5.5% to 7.5% autocallable reverse convertible securities due July 6, 2016 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly, with the exact percentage to be set at pricing.
The notes will be called at par if Apple shares close at or above the initial level on Dec. 31, 2015 or April 1, 2016.
The payout at maturity will be par unless Apple shares ever close at or below the knock-in level, 80% of the initial share price, during the life of the notes and finish below the initial share price, in which case investors will receive a number of Apple shares equal to $1,000 divided by the initial share price.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price on June 30 and settle on July 6.
The Cusip number is 22546VFT8.
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