Credit Suisse plans autocallable reverse convertibles linked to Gilead

By Angela McDaniels

Tacoma, Wash., May 5 – Credit Suisse AG plans to price autocallable reverse convertible securities due Aug. 29, 2016 linked to the common stock of Gilead Sciences, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is expected to be 7.5% to 9.5% and will be set at pricing. Interest will be payable monthly.

The notes will be called at par if Gilead shares close at or above the initial share price on Nov. 24, 2015, Feb. 24, 2016 or May 25, 2016.

The payout at maturity will be par unless Gilead shares close at or below the knock-in price, 70% of the initial share price, during the life of the notes and finish below the initial share price, in which case investors will receive a number of Gilead shares equal to $1,000 divided by the initial share price.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price May 26 and settle May 29.

The Cusip number is 22546VD60.

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