By Wendy Van Sickle
Columbus, Ohio, Sept. 30 – Credit Suisse AG, London Branch priced $2.65 million of 31.5% autocallable reverse convertible securities due March 30, 2021 linked to the least performing of two stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Pan American Silver Corp. and Pinterest, Inc.
Interest is payable quarterly.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on any quarterly trigger observation date starting on Dec. 24.
The payout at maturity will be par unless any of the stocks finishes below its 75% knock-in level, in which case investors will receive a number of shares of the least performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable reverse convertible securities
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| Underlying stocks: | Pan American Silver Corp. and Pinterest, Inc.
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| Amount: | $2,653,000
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| Maturity: | March 30, 2021
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| Coupon: | 31.5% per year, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case shares of least performing stock equal to $1,000 divided by initial share price or amount in cash equal to value of those shares
|
| Call: | At par plus the coupon if shares close at or above initial share price on any quarterly trigger observation date starting on Dec. 24
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| Initial prices: | $31.36 for Pan American, $38.49 for Pinterest
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| Knock-in levels: | $23.52 for Pan American, $28.8675 for Pinterest; 75% of initial levels
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22550MKP3
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