By William Gullotti
Buffalo, N.Y., April 12 – Credit Suisse AG, London Branch priced $2.88 million of contingent coupon autocallable reverse convertible securities due April 14, 2025 linked to the lowest performing of the stocks of Caterpillar Inc. and Charles Schwab Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 8% if each stock closes at or above its coupon barrier price, 63.45% of its initial price, on the related observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be called at par plus the coupon if all stocks close at or above their initial prices on any quarterly call observation date.
If all stocks finish at or above their knock-in prices, 63.45% of their initial prices, the payout will be par plus the final coupon. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stocks: | Caterpillar Inc., Charles Schwab Corp.
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| Amount: | $2,879,000
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| Maturity: | April 14, 2025
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| Coupon: | 8% per year, payable quarterly if each stock closes at or above its coupon barrier price on the related observation date; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if no stock finishes below its knock-in price; otherwise, investors will receive number of shares of worst performer equal to that stock’s equity ratio
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| Call: | At par plus coupon if all stocks close at or above their initial prices on any quarterly call observation date
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| Initial share prices: | $215.90 for Caterpillar, $80.03 for Schwab
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| Coupon barrier prices: | $136.98855 for Caterpillar, $50.779035 for Schwab; 63.45% of initial prices
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| Knock-in levels: | $136.98855 for Caterpillar, $50.779035 for Schwab; 63.45% of initial prices
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| Pricing date: | April 7
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| Settlement date: | April 12
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22550MZX0
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