Credit Suisse to price autocallable reverse convertibles on Skechers

By Tali Rackner

Norfolk, Va., Nov. 16 – Credit Suisse AG, London Branch plans to price 9% to 11% autocallable reverse convertible securities due Nov. 28, 2017 linked to the class A common stock of Skechers USA, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly, with the exact rate to be set at pricing.

The notes will be called at par if Skechers shares close at or above the initial share price on May 24, 2017 or Aug. 23, 2017.

The payout at maturity will be par unless Skechers shares close at or below the knock-in price, which is expected to be about 60% of the initial share price and will be set at pricing, on any day during the life of the notes and finish below the initial share price, in which case investors will receive a number of Skechers shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price on Nov. 22 and settle on Nov. 28.

The Cusip number is 22549JDB3.

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