New Issue: Credit Suisse prices $1 million 22.6% reverse convertibles linked to Level 3

By Angela McDaniels

Seattle, Jan. 31 - Credit Suisse (USA), Inc. priced a $1 million offering of reverse convertible securities due May 7, 2007 linked to the common stock of Level 3 Communications, Inc., according to an FWP filing with the Securities and Exchange Commission.

The three-month securities will pay 5.65% for an annualized rate of 22.6%. Interest will be payable quarterly.

The payout at maturity will be par unless Level 3 stock falls below the knock-in price of $4.888 during the life of the securities and finishes below the initial share price of $6.11, in which case the payout will be a number of Level 3 shares equal to $1,000 divided by the initial share price.

Issuer:	Credit Suisse (USA), Inc.
Issue:	Reverse convertible securities
Underlying stock:	Level 3 Communications, Inc.
Amount:	$1 million
Maturity:	May 7, 2007
Coupon:	22.6%, payable quarterly
Price:	Par
Payout at maturity:	Par unless Level 3 stock falls below the knock-in price during the life the notes and finishes below the initial share price, in which case payout will be 163.66612 Level 3 shares
Initial share price:	$6.11
Knock-in price:	$4.888, 80% of initial share price
Pricing date:	Jan. 30
Settlement date:	Feb. 5
Underwriter:	Credit Suisse Securities (USA) LLC
Distributor:	FIS
Underwriting discount:	1.75%

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