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Credit Suisse to price 8.5% STEP Income Securities linked to Cabot Oil
By Marisa Wong
Madison, Wis., Dec. 12 - Credit Suisse AG plans to price 8.5% STEP Income Securities due January 2015 linked to the common stock of Cabot Oil & Gas Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the final price of Cabot stock is greater than or equal to the step level, the payout at maturity will be par of $10 plus the step payment. The step level will be 108.5% of the initial share price. The step payment is expected to be 1% to 5% and will be set at pricing.
If the final share price is greater than or equal to the initial share price but less than the step level, investors will receive par.
Investors will be fully exposed to any share price decline.
BofA Merrill Lynch is the agent.
The notes are expected to price and settle in December.
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