Credit Suisse plans 24% autocallable reverse converts on three stocks

By Wendy Van Sickle

Columbus, Ohio, Aug. 26 – Credit Suisse AG, London Branch plans to price 24% autocallable reverse convertible securities due Aug. 31, 2020 linked to the least performing of the common stocks of Enphase Energy, Inc., Tenet Healthcare Corp. and RH, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

Beginning in November, the notes will be called at par if each stock closes at or above its initial level on any monthly trigger observation date.

The payout at maturity will be par unless any stock finishes below its 55% knock-in level, in which case investors will receive a number of shares of the worst performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.

Credit Suisse Securities (USA) LLC is the underwriter.

The notes will price on Aug. 28.

The Cusip number is 22549JX88.

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