By Angela McDaniels
Tacoma, Wash., March 28 - Credit Suisse AG, Nassau Branch priced $26.7 million of additional 8% equity-linked notes due March 5, 2015 linked to the common stock of Baker Hughes Inc., according to an FWP filing with the Securities and Exchange Commission.
The $26 million principal amount of additional notes priced at 102.67, or $63.85 per $62.19 principal amount, for $26,695,685 of proceeds.
The company priced $43.02 million of the notes on Feb. 26 with a $3.91 million greenshoe. The total issue size is now $69.02 million principal amount.
Interest is payable monthly.
Each note has a face amount of $62.19, which is equal to the initial price of Baker Hughes stock.
If Baker Hughes shares finish at or below the lower put strike price, 80% of the initial share price, the payout at maturity will be $45.640252 per note, which equals 91.7392% of the lower put strike price.
If the shares finish above the lower put strike price but below the upper put strike price, 109% of the initial share price, the payout will be 91.7392% of the final share price.
If the shares finish at or above the upper put strike price but below the call strike price, 110.5% of the initial share price, the payout will be par.
If the final share price is greater than or equal to the call strike price, the payout will be par plus 65% of the amount by which the final share price exceeds the call strike price.
The issuer may opt to pay in cash or Baker Hughes stock.
The final share price will be adjusted if the actual dividends paid are higher or lower than the base dividend, which is $0.15 per quarter.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, Nassau Branch
|
| Issue: | Equity-linked notes
|
| Underlying stock: | Baker Hughes Inc. (Symbol: BHI)
|
| Amount: | $69,017,902.29, increased from $43,016,263.29
|
| Maturity: | March 5, 2015
|
| Coupon: | 8%, payable monthly
|
| Price: | Par of $62.19 for initial $43,016,263.29; $63.85 for additional $26,001,639
|
| Payout at maturity: | If shares finish at or below lower put strike price, 91.7392% of lower put strike price; if shares finish above lower put strike price but below upper put strike price, 91.7392% of final share price; if shares finish at or above upper put strike price but below call strike price, par; otherwise, par plus 0.65% for every 1% that final share price exceeds call strike price
|
| Initial share price: | $62.19
|
| Lower put strike price: | $49.75, 80% of initial share price
|
| Upper put strike price: | $67.79, 109% of initial share price
|
| Call strike price: | $68.72, 110.5% of initial share price
|
| Pricing dates: | Feb. 26 for original issue; March 28 for add-on
|
| Settlement dates: March 5 for original issue; April 7 for add-on
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Cusip: | 22539T522
|
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