By Wendy Van Sickle
Columbus, Ohio, July 23 – Credit Suisse AG, London Branch priced $900,000 of 14% autocallable reverse convertible securities due July 19, 2019 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Freeport-McMoRan Inc., RingCentral Inc. and U.S. Concrete Inc.
Interest is payable monthly.
The notes will be called at par if the shares of the least performing stock close at or above their initial price on any monthly trigger observation date starting in October.
The payout at maturity will be par unless any of the stocks finishes below its 65% knock-in level, in which case investors will receive a number of shares of the least performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable reverse convertible securities
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| Underlying stocks: | Freeport-McMoRan Inc., RingCentral Inc. and U.S. Concrete Inc.
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| Amount: | $900,000
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| Maturity: | July 19, 2019
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| Coupon: | 14% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case shares of least performing stock equal to $1,000 divided by initial share price or amount in cash equal to value of those shares
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| Call: | At par plus the coupon if shares close at or above initial share price on any monthly trigger observation date starting in October
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| Initial prices: | $16.77 for Freeport-McMoRan, $81.75 for RingCentral, $51.30 for U.S. Concrete
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| Knock-in levels: | $10.9005 for Freeport-McMoRan, $53.1375 for RingCentral, $33.345 for U.S. Concrete; 65% of initial levels
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| Pricing date: | July 17
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| Settlement date: | July 19
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JVK3
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