By William Gullotti
Buffalo, N.Y., Dec. 8 – Credit Suisse AG, London Branch priced $1 million of 9% reverse convertible securities due Nov. 19 linked to the performance of the common stock of Staar Surgical Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 9%, equivalent to 2.25% for the term.
If the stock finishes at or above the knock-in price, 56.394% of the initial price, the payout will be par plus the final coupon. Otherwise, investors will receive a number of shares equal to $1,000 divided by the stock’s initial share price or the cash equivalent at the issuer’s option.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Reverse convertible securities
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| Underlying stocks: | Staar Surgical Co.
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| Amount: | $1 million
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| Maturity: | Nov. 19
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| Coupon: | 9% per year, or 2.25% for the term, payable monthly
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon if the stock finishes equal to or above its knock-in price; otherwise, investors will receive a number of shares equal to $1,000 divided by the stock’s initial share price or the cash equivalent at the issuer’s option
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| Initial share price: | $109.32
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| Knock-in level: | $61.65; 56.394% of initial price
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| Strike date: | Aug. 16
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| Pricing date: | Aug. 17
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| Settlement date: | Aug. 20
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.25%
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| Cusip: | 22550MWH8
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