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Credit Suisse plans 10%-12% autocallable reverse convertibles on Vertex
By Toni Weeks
San Luis Obispo, Calif., March 16 – Credit Suisse AG plans to price 10% to 12% autocallable reverse convertible securities due April 4, 2016 linked to Vertex Pharmaceuticals Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly. The exact rate will be set at pricing.
The notes will be called at par if the stock closes at or above the initial share price on Sept. 30, 2015 or Dec. 29, 2015.
If the notes are not called, the payout at maturity will be par unless Vertex stock closes at or below the knock-in price, 60% of the initial share price, during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Vertex shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash value of those shares.
The securities (Cusip: 22546V7F7) are expected to price March 31 and settle April 3.
Credit Suisse Securities (USA) LLC is the agent.
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