By Angela McDaniels
Tacoma, Wash., Jan. 26 - Credit Suisse AG, Nassau Branch priced $37.37 million of equity-linked notes due July 27, 2011 linked to the common stock of Target Corp., according to an FWP filing with the Securities and Exchange Commission.
There is an over-allotment option for an additional $4.87 million of notes.
The six-month notes carry an annualized coupon of 7%. Interest is payable monthly.
Each note has a face amount of $55.94, which is equal to the initial price of Target stock.
If the final share price is less than 102.9% of the initial share price, the payout at maturity will equal 97.1817% of the final share price, subject to a minimum of $46.2089 per note.
If the final share price is greater than or equal to 102.9% of the initial share price and less than 105.5% of the initial share price, the payout will be par.
Otherwise, the payout will be par plus 0.65% for every 1% that the final share price exceeds 105.5% of the initial share price.
At its option, the issuer can make the payout in cash or Target stock.
The underwriter was not specified in the filing.
Issuer: | Credit Suisse AG, Nassau Branch
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Issue: | Equity-linked notes
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Underlying stock: | Target Corp. (Symbol: TGT)
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Amount: | $37,367,920
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Greenshoe: | $4,866,780
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Maturity: | July 27, 2011
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Coupon: | 7%, payable monthly
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Price: | Par of $55.94
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Payout at maturity: | If final share price is less than upper put share price, 97.1817% of the final share price, subject to minimum payout of $46.2089 per note; if final share price is greater than or equal to upper put share price and less than call share price, par; otherwise, par plus 65% of the amount by which the final share price exceeds the call share price; payable in cash or stock
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Initial share price: | $55.94
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Upper put share price: | $57.562, 102.9% of initial share price
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Call share price: | $59.017, 105.5% of initial share price
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Pricing date: | Jan. 25
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Settlement date: | Feb. 1
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Cusip: | 22542D746
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