In the news release, Credit Suisse AG Announces the Repurchase
of its CSLS ETNs and the Acceleration of its CSCR and FIBG ETNs,
issued 15-May-2017 by Credit Suisse
AG over PR Newswire, we are advised by the company that the
acceleration date for CSCR and FIBG is expected to be "June 5, 2017" rather than "June 2, 2017" as originally issued inadvertently.
The complete, corrected release follows:
Credit Suisse AG Announces the Repurchase of its CSLS ETNs and the
Acceleration of its CSCR and FIBG ETNs
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 5,
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.
Repurchase/
Acceleration
|
Ticker
Symbol
|
CUSIP
|
Credit Suisse X-Links
Long/Short Equity ETNs due February 19, 2020
Credit Suisse X-Links
Commodity Rotation ETNs due June 15, 2033
Credit Suisse FI
Enhanced Big Cap Growth ETNs due October 22, 2018
|
CSLS
CSCR
FIBG
|
22542D878
22542D456
22539T563
|
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