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Credit Suisse to sell 13.5% reverse convertibles linked to Ceradyne
New York, Feb. 2 - Credit Suisse (USA), Inc. plans to sell an offering of 13.5% reverse convertible securities due Feb. 23, 2007 linked to Ceradyne, Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par unless Ceradyne stock falls below the knock-in level of 70% of its initial price during the life of the notes. If the trigger is hit, holders will receive par in cash if Ceradyne's stock closes above its initial price on the valuation date of Feb. 16, 2007. Otherwise they will receive a number of Ceradyne shares equal to par of $1,000 divided by the initial price.
Credit Suisse will be the underwriter of the issue. Settlement is expected for Feb. 24.
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