By Wendy Van Sickle
Columbus, Ohio, May 23 – Credit Suisse AG, London Branch priced $1 million of 9% step reverse convertible securities due Aug. 23, 2018 linked to the common stock of Stamps.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par plus 1% if the shares finish above the initial level.
If the shares finish below the initial level and close below the 67.58% knock-in level any day during the life of the notes, investors will receive a number of shares 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.
If the shares finish below the initial level, but never close below the knock-in level, the payout will be par.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Step reverse convertible securities
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| Underlying stock: | Stamps.com, Inc.
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| Amount: | $1 million
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| Maturity: | Aug. 23, 2018
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| Coupon: | 9%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par plus 1% if the shares finish above the initial level; if shares finish below initial level and close below knock-in level during life of notes, a number of shares equal to $1,000 divided by the initial share price or cash equal to value of those shares; if shares finish below initial level, but never close below knock-in level, par
|
| Initial level: | $247.72
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| Knock-in price: | $167.41, 67.58% of initial share price
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| Pricing date: | May 21
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| Settlement date: | May 23
|
| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1%
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| Cusip: | 22549JTP5
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