By Jennifer Chiou
New York, Aug. 30 - Credit Suisse AG, Nassau Branch priced another $2 million total of 0% exchange-traded notes due April 20, 2020 linked to the Cushing 30 MLP index, according to a 424B2 filing with the Securities and Exchange Commission.
The add-on priced at 102.65, amounting to $2,053,000 of proceeds.
At inception on April 13, the company priced $15 million of the ETNs in what it previously announced would be an overall $1 billion issue. So far, $68,204,000 principal amount of notes has been issued.
The goal of the index is to track the performance of 30 companies that hold mid-stream energy infrastructure assets in North America. Included securities must be publicly traded and must represent the limited or general partner interests of a partnership that is in an operating company or common units of a limited liability company that is an operating company.
The notes will pay a distribution on quarterly payment dates equal to the cash distributions a "reference holder" would have been entitled to receive during that period. A "reference holder" is a hypothetical holder of a number of units of each index MLP equal to (a) the number of units of that MLP represented in the index multiplied by (b) 0.070691, which is 20 divided by the initial index level.
The payout at maturity will be par of $20 plus the index return minus the 0.85% annualized fee factor on the final valuation date.
The notes are putable in increments of $2 million or more on any business day, and they may be called beginning April 20, 2012 if the principal amount of the notes outstanding is $10 million or less. Both options expire on April 7, 2020.
The notes are listed on NYSE Arca under the symbol "MLPN."
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | Exchange-traded notes
|
| Underlying index: | Cushing 30 MLP
|
| Amount: | $68,204,000, increased from $15 million
|
| Maturity: | April 20, 2020
|
| Coupon: | 0%, but there may be distributions on quarterly payment dates determined according to any cash distributions made by the MLPs in the index
|
| Price: | Par of $20 for original $15 million; 99.95 for $7 million; 99.3 for $6 million; 100.75 for $5 million; 100.15 for $3 million; 96.8 for $4 million; 90.25 for $4 million; 92.3 for $640,000; 98.1 for $5 million; 101.3 for $6.74 million; 103.95 for $1 million; 104.75 for $4,824,000; 104.85 for $1 million; 104.2 for $2 million; 102.4 for $1 million; 102.65 for $2 million
|
| Payout at maturity: | Par plus index return minus 0.85% annualized fee factor
|
| Put option: | At any time, subject to minimum of $2 million
|
| Call option: | Beginning April 20, 2012 if principal amount of notes outstanding is $10 million or less
|
| Pricing dates: | April 13 for original $15 million; April 15 for $7 million; April 19 for $6 million; April 23 for $5 million; May 3 for $3 million; May 11 for $4 million; May 21 for $4 million; June 1 for $640,000; July 1 for $5 million; July 7 for $6.74 million; July 15 for $1 million; Aug. 16 for $4,824,000; Aug. 17 for $1 million; Aug. 24 for $2 million; Aug. 25 for $1 million; Aug. 26 for $2 million
|
| Settlement dates: April 15 for original issue; April 20 for first add-on; April 23 for second add-on; April 28 for third add-on; May 6 for fourth add-on; May 14 for fifth add-on; May 26 for sixth add-on; June 4 for seventh add-on; July 7 for eighth add-on; July 12 for ninth add-on; July 20 for 10th add-on; Aug. 19 for 11th add-on; Aug. 20 for 12th add-on; Aug. 27 for 13th add-on; Aug. 30 for 14th add-on; Aug. 31 for 15th add-on
|
| Underwriter: | Credit Suisse Securities (USA) LLC
|
| Fees: | None
|
| Listing: | NYSE Arca: MLPN
|
| Cusip: | 22542D852
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