By Angela McDaniels
Tacoma, Wash., Jan. 27 - Credit Suisse AG, Nassau Branch's $37.37 million issue of equity-linked notes due July 27, 2011 linked to the common stock of Target Corp. was underwritten by Credit Suisse Securities (USA) LLC, according to a 424B2 filing with the Securities and Exchange Commission.
The company filed an FWP for the notes with the SEC on Wednesday, but that filing did not disclose the name of the underwriter.
As previously reported, 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.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | Equity-linked notes
|
| Underlying stock: | Target Corp. (Symbol: TGT)
|
| Amount: | $37,367,920
|
| Greenshoe: | $4,866,780
|
| Maturity: | July 27, 2011
|
| Coupon: | 7%, payable monthly
|
| Price: | Par of $55.94
|
| 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
|
| Initial share price: | $55.94
|
| Upper put share price: | $57.562, 102.9% of initial share price
|
| Call share price: | $59.017, 105.5% of initial share price
|
| Pricing date: | Jan. 25
|
| Settlement date: | Feb. 1
|
| Underwriter: | Credit Suisse Securities (USA) LLC
|
| Fees: | None
|
| Cusip: | 22542D746
|
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