New Issue: Credit Suisse sells $1 million 9.7% reverse convertibles linked to Norfolk Southern

By Jennifer Chiou

New York, Aug. 7 - Credit Suisse (USA), Inc. priced a $1 million offering of 9.7% reverse convertible securities due Aug. 9, 2007 linked to Norfolk Southern Corp. stock, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par unless Norfolk Southern stock falls below the knock-in level of $31.4475, 75% of its initial price of $41.93, during the life of the notes.

If the trigger is hit, payout will be par in cash if Norfolk Southern stock closes above its initial price on the valuation date of Aug. 3, 2007. Otherwise, the payout will be a number of Norfolk Southern shares equal to par of $1,000 divided by the initial price.

Issuer:	Credit Suisse (USA) Inc.
Issue:	Reverse convertible securities
Amount:	$1 million
Underlying stock:	Norfolk Southern Corp.
Maturity:	Aug. 9, 2007
Coupon:	9.7%, payable quarterly
Price:	Par
Payout at maturity:	Par unless stock falls below knock-in price of $31.4475 during the life of the notes and closes below its initial value on Aug. 3, 2007, payout will then be par of $1,000 divided by $41.93 shares of Norfolk Southern stock
Initial share price:	$41.93
Knock-in price:	$31.4475, 75% of initial price
Pricing date:	Aug. 4
Settlement date:	Aug. 9
Underwriter:	Credit Suisse

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