By Jennifer Chiou
New York, March 27 - Credit Suisse, Nassau branch priced $1 million of 13.5% reverse convertible securities due March 31, 2009 linked to American Depositary Receipts representing ordinary shares of Elan Corp. plc, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
Payment at maturity will be determined according to the performance of Elan ADRs. If the ADR price closes below $10.64, the knock-in price, during the life of the notes and closes below $21.28, the initial ADR price, on the final valuation date, investors will receive a number of Elan ADRs equal to $1,000 divided by the initial ADR price. The knock-in price is 50% of the initial ADR price.
Otherwise, investors will receive par in cash.
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse, Nassau branch
|
| Issue: | Reverse convertible securities
|
| Underlying stock: | Elan Corp. plc (NYSE: ELN)
|
| Amount: | $1 million
|
| Maturity: | March 31, 2009
|
| Coupon: | 13.5%, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | If Elan ADRs close below the knock-in price during the life of the notes and finish below the initial ADR price, a number of Elan ADRs equal to $1,000 divided by the initial ADR price; otherwise, par in cash
|
| Initial ADR price: | $21.28
|
| Knock-in price: | $10.64, 50% of initial ADR price
|
| Pricing date: | March 26
|
| Settlement date: | March 31
|
| Underwriter: | Credit Suisse Securities (USA) LLC
|
| Fees: | 6.75%
|
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