By Marisa Wong
Madison, Wis., Oct. 12 - Credit Suisse AG, Nassau Branch priced an additional $1 million of 0% exchange-traded notes due Oct. 6, 2020 linked to the Credit Suisse Merger Arbitrage Liquid Index (Net) index, according to a 424B2 filing with the Securities and Exchange Commission.
The newest issue brings the total deal size to $22 million. The company sold $15 million of the notes on Oct. 1 and another $6 million on Oct. 7. As previously reported, Credit Suisse plans to issue up to $1 billion of the notes.
The index uses a quantitative methodology to track a dynamic basket of securities held as long or short positions and cash. It is designed to capture the spread, if any, between the price at which the stock of a target company trades after a proposed acquisition of that company is announced and the price that the acquiring company has proposed to pay for the stock of the target company.
Each note has a face value of $20. The most recent notes priced at 100.3, or $20.06 each.
As previously reported, the notes are putable in increments of $1 million or more on any business day, and they may be called in whole beginning Oct. 1, 2012 if the principal amount of the notes outstanding is $10 million or less.
The payout at maturity or upon redemption will be par plus the index return minus a 0.55% annualized investor fee as well as an index calculation fee of 0.5% per year.
The notes are listed on the NYSE Arca under the symbol "CSMA."
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | Exchange-traded notes
|
| Underlying index: | Credit Suisse Merger Arbitrage Liquid Index (Net)
|
| Amount: | $22 million
|
| Proceeds: | $22,021,000
|
| Maturity: | Oct. 6, 2020
|
| Coupon: | 0%
|
| Price: | Par of $20 for $15 million, 100.3 for $7 million
|
| Payout at maturity: | Par plus index return minus 0.55% annualized investor fee as well as index calculation fee of 0.5% per year
|
| Put option: | In increments of $1 million or more at any time
|
| Call option: | Beginning Oct. 1, 2012 if $10 million or less remains outstanding
|
| Pricing dates: | Oct. 1 for $15 million; Oct. 7 for $6 million; Oct. 8 for $1 million
|
| Settlement dates: | Oct. 6 for $15 million; Oct. 13 for $6 million; Oct. 14 for $1 million
|
| Underwriter: | Credit Suisse Securities (USA) LLC
|
| Fees: | None
|
| Listing: | NYSE Arca: CSMA
|
| Cusip: | 22542D845
|
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