CS Credit Suisse Group

NEW YORK, May 15, 2017 /PRNewswire/ -- Credit Suisse AG ("Credit Suisse") announced today that it will repurchase at its option its Credit Suisse X-Links Long/Short Equity  ETNs ("CSLS") and accelerate at its option its Credit Suisse X-Links Commodity Rotation ETNs ("CSCR") and Credit Suisse FI Enhanced Big Cap Growth ETNs ("FIBG"). With respect to CSLS, the principal amount outstanding as of May 15, 2017 is $10,000,000 or less. The repurchase date for CSLS is expected to be May 26, 2017 and the acceleration date for CSCR and FIBG is expected to be June 2, 2017.

Credit Suisse expects to deliver irrevocable call notices with respect to the repurchase of CSLS and the acceleration of CSCR and FIGB to The Depository Trust Company no later than May 22, 2017.

With respect to CSLS, the trading day immediately following the date of such irrevocable call notice, which is expected to be May 23, 2017, will be the valuation date applicable to the repurchase of CSLS, subject to postponement due to certain events. Investors of CSLS will receive, on the repurchase date, a cash payment per ETN in an amount equal to the daily repurchase value. The repurchase date for CSLS is expected to be May 26, 2017, which is three business days after the valuation date. Accordingly, the last day of trading for CSLS is expected to be May 25, 2017.

With respect to CSCR and FIBG, the five consecutive trading days beginning on the second business day following the delivery of the irrevocable call notice, May 24, 2017 through May 31, 2017 will constitute the accelerated valuation period, subject to postponement due to certain events. Investors of CSCR and FIBG will receive, on the acceleration date, a cash payment per ETN in the amount equal to the arithmetic average of the closing indicative values of the relevant ETNs during such accelerated valuation period. The acceleration date for CSCR and FIBG is expected to be June 5, 2017, which is three business days after the last trading day in the accelerated valuation period. Accordingly, the last day of trading for CSCR and FIBG is expected to be June 2, 2017. As of the date hereof, Credit Suisse will no longer issue new units of CSCR and FIBG ETNs.  

None of the other ETNs offered by Credit Suisse are affected by this announcement.

Press Contacts  
Nicole Sharp, Credit Suisse AG, telephone +1 212 325 8708, nicole.sharp@credit-suisse.com  
Azar Boehm, Credit Suisse AG, telephone +1 212 538 3953, azar.boehm@credit-suisse.com

Credit Suisse ETNs  
Telephone +1 800 320 1225, ETN.Desk@credit-suisse.com  

Credit Suisse AG

Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 46,640 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/credit-suisse-ag-announces-the-repurchase-of-its-csls-etns-and-the-acceleration-of-its-cscr-and-fibg-etns-300457151.html

SOURCE Credit Suisse AG