NEW YORK, Sept. 2, 2015 /PRNewswire/ -- Credit
Suisse AG announced today that it will implement a 1-for-10 reverse
split of its VelocityShares™ 3x Long Crude Oil ETN ("UWTI") and a
1-for-5 reverse split of its VelocityShares™ 3x Long Natural Gas
ETN ("UGAZ"), each expected to be effective as of September 10, 2015.
The reverse splits will be effective at the open of trading on
September 10, 2015 and UWTI and UGAZ
will each begin trading on the NYSE Arca on a reverse
split-adjusted basis on such date. Holders of UWTI and UGAZ who
purchased the ETNs prior to September 10,
2015 will receive one reverse split-adjusted ETN for every
ten pre reverse-split UWTI ETNs and one reverse-split adjusted ETN
for every five pre reverse-split UGAZ ETNs, respectively. In
addition, such purchasers that hold a number of units of ETNs not
evenly divisible by ten or five, as applicable, will receive a cash
payment for any fractional number of units remaining of such series
of ETNs (the "partials"). The cash amount due on any partials will
be determined on September 17, 2015
based on the respective closing indicative values of UWTI and UGAZ
on such date and will be paid by Credit Suisse AG on September 18, 2015.
The closing indicative value of UWTI on September 9, 2015 will be multiplied by ten to
determine its reverse split-adjusted closing indicative value, and
the closing indicative value of UGAZ on September 9, 2015 will be multiplied by five to
determine its reverse split-adjusted closing indicative value.
Following the reverse splits, UWTI and UGAZ will have new CUSIPs
but will retain their same ticker symbols.
The reverse splits will affect the trading denominations of UWTI
and UGAZ but they will not have any effect on the principal amounts
of the underlying notes, except that the principal amounts will be
reduced by the corresponding aggregate amount of any cash payments
for "partials."
None of the other ETNs offered by Credit Suisse AG are affected
by these announcements.
Reverse
Split
|
Ticker
Symbol
|
CUSIP / New
CUSIP
|
VelocityShares™ 3x
Long Crude Oil ETN due February 9, 2032
|
UWTI
|
22542D589 /
22542D399
|
VelocityShares™ 3x
Long Natural Gas ETN due February 9, 2032
|
UGAZ
|
22542D571 /
22542D381
|
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 46,600 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.
Logo -
http://photos.prnewswire.com/prnh/20091204/CSLOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/credit-suisse-ag-announces-the-reverse-splits-of-its-uwti-and-ugaz-etns-300137173.html
SOURCE Credit Suisse AG