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0000891092-09-003783.txt : 20091002
0000891092-09-003783.hdr.sgml : 20091002
20091002155615
ACCESSION NUMBER: 0000891092-09-003783
CONFORMED SUBMISSION TYPE: 424B2
PUBLIC DOCUMENT COUNT: 4
FILED AS OF DATE: 20091002
DATE AS OF CHANGE: 20091002
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: CREDIT SUISSE / /FI
CENTRAL INDEX KEY: 0001053092
STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 8880 [8880]
IRS NUMBER: 000000000
FILING VALUES:
FORM TYPE: 424B2
SEC ACT: 1933 Act
SEC FILE NUMBER: 333-158199-10
FILM NUMBER: 091102413
BUSINESS ADDRESS:
STREET 1: P O BOX 9008070
STREET 2: 212-225-2000
CITY: ZURICH SWITZERLAND
STATE: V8
ZIP: 10006
FORMER COMPANY:
FORMER CONFORMED NAME: CREDIT SUISSE FIRST BOSTON / /FI
DATE OF NAME CHANGE: 19980115
424B2
1
e36677_424b2.htm
PRICING SUPPLEMENT NO. U55
Pricing
Supplement No. U55
To the Underlying
Supplement dated March
25, 2009,
Product Supplement No. U-I dated March 25, 2009,
Prospectus Supplement dated March 25, 2009
and
Prospectus dated March
25, 2009
|
Filed Pursuant to
Rule 424(b)(2)
Registration Statement No. 333-158199-10
September 30, 2009
|
|
|
$4,090,000
7.00%
per annum Callable Yield Notes Linked to the Performance of the
S&P 500 Index and the Russell 2000 Index due October 5, 2010
|
Financial
Products |
General
- The securities are designed for investors who are mildly bearish,
neutral or mildly bullish on the Underlyings. Investors should be willing to
lose some or all of their investment if a Knock-In Event occurs with respect to
either Underlying.
- The interest payments will be paid quarterly at a rate of 7.00% per annum,
subject to Early Redemption.
- Senior unsecured obligations of Credit Suisse, acting through its Nassau
Branch, maturing October
5, 2010.
- Minimum purchase of $1,000. Minimum denominations of $1,000 and integral
multiples in excess thereof.
- The securities priced on September 30, 2009
(the Trade Date) and are expected to settle on October 5, 2009. Delivery of the securities in book-entry form only will be
made through The Depository Trust Company.
Key Terms
Issuer:
|
Credit Suisse, acting through its Nassau Branch
|
Underlyings:
|
Each Underlying is identified in the table below, together
with its Bloomberg symbol, Initial Level and Knock-In Level:
|
|
Underlying
|
Ticker
|
Initial Level
|
Knock-In Level
|
|
S&P 500 Index
|
SPX
|
1,057.08
|
581.394
|
|
Russell 2000 Index
|
RTY
|
604.28
|
332.354
|
Knock-In
Level:
|
The Knock-In Level for each Underlying will be 55% of the
Initial Level of such Underlying.
|
Interest Rate:
|
7.00% per annum.
|
Interest
Payment
Dates:
|
Unless redeemed earlier, interest will be paid quarterly
in arrears on January
5, 2010, April 5, 2010, July 5, 2010 and the maturity date, subject to the modified following
business day convention. No interest will accrue or be payable following an
Early Redemption.
|
Early
Redemption:
|
The Issuer may redeem the securities in whole, but not in
part, on any Interest Payment Date occurring on or after April 5, 2010 upon at least five business days
notice at 100% of the principal amount of the securities, together with any
accrued but unpaid interest.
|
Knock-In
Event:
|
A Knock-In Event occurs if the closing level of either
Underlying reaches or falls below its Knock-In Level for that
Underlying on any Trading Day during the Observation Period.
|
Final Level:
|
For each Underlying, the closing level of such Underlying
on the Valuation Date.
|
Redemption
Amount:
|
The Redemption Amount of the securities you will be
entitled to receive will depend on the individual performance of each
Underlying. Subject to Early Redemption, the Redemption Amount will be
determined as follows:
|
|
-
If a Knock-In Event occurs during the observation period,
the Redemption Amount will equal the principal amount of the securities you
hold multiplied by the sum of one plus the percentage change from the Initial
Level to the Final Level of the Lowest Performing Underlying, subject to a
maximum of zero. In this case, the maximum Redemption Amount will equal the
principal amount of the securities, but the Redemption Amount may be less
than the principal amount of the securities and you could lose your entire
investment.
-
If a Knock-In Event does not occur during the observation
period, the Redemption Amount will equal the principal amount of the
securities.
Any payment you will be entitled to receive at maturity is
subject to our ability to pay our obligations as they become due.
|
Lowest
Performing
Underlying:
|
The Underlying for which the lowest value is obtained from
the following equation:
Final Level Initial
Level
Initial Level
|
Observation
Period:
|
The period from but excluding the Trade Date to and
including the Valuation Date.
|
Valuation
Date:
|
September 30, 2010
|
Maturity
Date:
|
October 5, 2010
|
Listing:
|
The securities will not be listed on any securities
exchange.
|
CUSIP:
|
22546EMN1
|
|
Subject to postponement in the
event of a market disruption event as described in the accompanying product
supplement under Description of the SecuritiesMarket disruption events. |
Investing in the securities involves a number of risks. See
Selected Risk Considerations in this pricing supplement and Risk Factors
beginning on page PS-3 of the accompanying product supplement.
Credit Suisse has filed a registration statement (including
a prospectus) with the Securities and Exchange Commission, or SEC, for the
offering to which this pricing supplement relates. You should read the
prospectus in that registration statement and the other documents relating to
this offering that Credit Suisse has filed with the SEC for more complete
information about Credit Suisse and this offering. You may obtain these
documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Credit Suisse or any
agent or any dealer participating in this offering will arrange to send you
this pricing supplement, underlying supplement, product supplement, prospectus
supplement and prospectus if you so request by calling 1-800-221-1037.
Neither the
Securities and Exchange Commission nor any state securities commission has
approved or disapproved of the securities or passed upon the accuracy or the adequacy
of this pricing supplement or the accompanying underlying supplement, the
product supplement, the prospectus supplement and the prospectus. Any
representation to the contrary is a criminal offense.
|
|
Price to Public
|
Underwriting Discounts and Commissions
(1)
|
Proceeds to Issuer
|
|
Per security
|
$1,000.00
|
$10.00
|
$990.00
|
|
Total
|
$4,090,000.00
|
$1,070.00
|
$4,088,930.00
|
|
(1) |
The securities will be sold at varying underwriting
discounts of up to but not exceeding 1.00% per security, for total underwriting
discounts of $1,070.00. |
The
securities are not deposit liabilities and are not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other governmental agency of the United States, Switzerland or any other jurisdiction. In
addition, the securities are not guaranteed under the FDICs Temporary
Liquidity Guarantee Program.
CALCULATION OF REGISTRATION FEE
|
Title of Each Class of Securities Offered
|
Maximum Aggregate Offering Price
|
Amount of Registration Fee
|
|
Notes
|
$4,090,000
|
$228.22
|
|
Credit Suisse
September
30, 2009
Additional Terms Specific to the Securities
You should read this pricing supplement together with the underlying
supplement dated March 25, 2009, the product supplement dated March 25, 2009,
the prospectus supplement dated March 25,
2009 and the prospectus dated March 25, 2009
relating to our Medium Term Notes of which these securities are a part. You may
access these documents on the SEC website at www.sec.gov
as follows (or if such address has changed, by reviewing our filings for the
relevant date on the SEC website):
Our Central Index Key, or CIK, on the SEC website is 1053092. As used in
this pricing supplement, the Company, we, us, or our refers to Credit
Suisse.
This pricing supplement, together with the documents listed above,
contains the terms of the securities and supersedes all other prior or
contemporaneous oral statements as well as any other written materials
including preliminary or indicative pricing terms, correspondence, trade ideas,
structures for implementation, sample structures, brochures or other
educational materials of ours. You should carefully consider, among other
things, the matters set forth in Risk Factors in the product supplement and
Selected Risk Considerations in this pricing supplement, as the securities
involve risks not associated with conventional debt securities. You should
consult your investment, legal, tax, accounting and other advisers before
deciding to invest in the securities.
1
Hypothetical
Redemption Amounts at Maturity for each $1,000 Principal Amount
The following tables illustrate hypothetical Redemption Amounts at
maturity and total payments over the term of the securities (which include both
payments at maturity and the total interest paid on the securities) on a $1,000
investment in the securities, based on a number of assumed variables. The tables
assume that the securities have not been redeemed prior to maturity and the
term of the securities is exactly one year. These examples are provided for
illustration purposes only. The actual payment amounts received by investors
will depend on several variables, including, but not limited to
(a) whether the closing level of either Underlying is less than or equal
to its respective Knock-In Level on any Trading Day during the Observation
Period and (b) the Final Level of the Lowest Performing Underlying. The
hypothetical Redemption Amounts set forth below are for illustrative purposes
only and may not be the actual returns applicable to the purchaser of the
securities. The numbers appearing in the following tables and examples have
been rounded for ease of analysis.
TABLE 1: This table
represents the hypothetical Redemption Amount at maturity and the total payment
over the term of the securities on a $1,000 investment in the securities if a
Knock-In Event DOES NOT occur during the Observation Period.
Principal
Amount
of Securities
|
Lowest
Performing
Underlying
Return
|
Redemption
Amount
(Knock-In
Event
does not
occur)
|
Total Interest
Payment on
the Securities
|
Total Payment
on the Securities
|
$1,000
|
50%
|
$1,000
|
$70.00
|
$1,070.00
|
$1,000
|
40%
|
$1,000
|
$70.00
|
$1,070.00
|
$1,000
|
30%
|
$1,000
|
$70.00
|
$1,070.00
|
$1,000
|
20%
|
$1,000
|
$70.00
|
$1,070.00
|
$1,000
|
10%
|
$1,000
|
$70.00
|
$1,070.00
|
$1,000
|
0%
|
$1,000
|
$70.00
|
$1,070.00
|
$1,000
|
-10%
|
$1,000
|
$70.00
|
$1,070.00
|
$1,000
|
-20%
|
$1,000
|
$70.00
|
$1,070.00
|
$1,000
|
-30%
|
$1,000
|
$70.00
|
$1,070.00
|
$1,000
|
-40%
|
$1,000
|
$70.00
|
$1,070.00
|
$1,000
|
-50%
|
N/A
|
N/A
|
N/A
|
TABLE 2: This table represents the hypothetical Redemption
Amount at maturity and the total payment over the term of the securities on a
$1,000 investment in the securities if a Knock-In Event DOES occur during the
Observation Period.
Principal
Amount
of Securities
|
Lowest
Performing
Underlying
Return
|
Redemption
Amount
(Knock-In
Event
does not
occur)
|
Total Interest
Payment on
the Securities
|
Total Payment
on the Securities
|
$1,000
|
50%
|
$1,000
|
$70.00
|
$1,070.00
|
$1,000
|
40%
|
$1,000
|
$70.00
|
$1,070.00
|
$1,000
|
30%
|
$1,000
|
$70.00
|
$1,070.00
|
$1,000
|
20%
|
$1,000
|
$70.00
|
$1,070.00
|
$1,000
|
10%
|
$1,000
|
$70.00
|
$1,070.00
|
$1,000
|
0%
|
$1,000
|
$70.00
|
$1,070.00
|
$1,000
|
-10%
|
$900
|
$70.00
|
$970.00
|
$1,000
|
-20%
|
$800
|
$70.00
|
$870.00
|
$1,000
|
-30%
|
$700
|
$70.00
|
$770.00
|
$1,000
|
-40%
|
$600
|
$70.00
|
$670.00
|
$1,000
|
-50%
|
$500
|
$70.00
|
$570.00
|
2
Hypothetical Examples of Redemption Amounts of the
Security
Because the return on the securities depends upon
whether a Knock-In Event occurs and the performance of the Lowest Performing
Underlying, we cannot present a complete range of possible Redemption Amounts
at maturity. The four examples below set forth a sampling of hypothetical
Redemption Amounts at maturity based on the following assumptions:
-
Principal amount of securities = $1,000
-
The Initial Level is 1,057 for SPX and 604 for RTY.
-
No exercise of our Early Redemption right.
-
The Knock-In Level for each Underlying is 55% of the
Initial Level of such Underlying.
-
At maturity you will receive the Redemption Amount
calculated as shown in the examples below.
-
In addition to the Redemption Amount, you will be
entitled to receive interest payments quarterly on each Interest Payment Date,
up to and including the maturity date or the Early Redemption Date, as the case
may be.
The examples provided herein are for illustration purposes only. The
actual payment at maturity, if any, will depend on whether a Knock-In Event
occurs and, if so, the Final Level of the Lowest Performing Underlying. You
should not take these examples as an indication of potential payments. It is
not possible to predict whether a Knock-In Event will occur and, if so, whether
and by how much the Final Level of the Lowest Performing Underlying will decrease
in comparison to its Initial Level.
Example 1: A Knock-In Event occurs because the closing level of one
Underlying reaches its Knock-In Level; and the Final Level of the Lowest
Performing Underlying is less than its Initial Level.
Underlying
|
Initial
Level
|
Lowest closing
level of the Underlying
during the Observation Period
|
Final Level on
Valuation Date
|
SPX
|
1,057
|
1,057.00 (100% of Initial Level)
|
1,162.70 (110% of Initial Level)
|
RTY
|
604
|
332.20 (55% of Initial Level)
|
332.20 (55% of Initial Level)
|
Since the closing level
of RTY reaches its Knock-In Level during the Observation Period, a Knock-In
Event occurs. RTY is also the Lowest Performing Underlying.
Therefore, the percentage change from the Initial Level to the Final
Level of the Lowest Performing Underlying =
Final Level of RTY Initial Level of RTY
Initial Level of RTY
; subject to a
maximum of 0.00
= (332.20 604)/604 = -0.45
The Redemption Amount = principal amount of the
securities × (1 + percentage change of the Lowest
Performing Underlying)
= $1,000 X (1 0.45) = $550.00
3
Example 2: A Knock-In Event occurs because the closing level of one
Underlying reaches its Knock-In Level; the Lowest Performing Underlying never
reaches or falls below its Knock-In Level; and the Final Level of the Lowest
Performing Underlying is less than its Initial Level.
Underlying
|
Initial
Level
|
Lowest closing
level of the Underlying
during the Observation Period
|
Final Level on
Valuation Date
|
SPX
|
1,057
|
581.35 (55% of Initial Level)
|
1,162.70 (110% of Initial Level)
|
RTY
|
604
|
362.40 (60% of Initial Level)
|
362.40 (60% of Initial Level)
|
Since the closing level
of SPX reaches its Knock-In Level during the Observation Period, a Knock-In
Event occurs. RTY is the Lowest Performing Underlying, even though its
closing level never reaches or falls below its Knock-In Level.
Therefore, the percentage change of the Lowest Performing Underlying =
Final Level of RTY Initial Level of RTY
Initial Level of RTY
; subject to a maximum
of 0.00
= (362.40 604)/604 = -0.40
The Redemption Amount = principal amount of the securities × (1 + percentage
change of the Lowest Performing Underlying)
= $1,000 X (1 0.40) = $600.00
Example 3: A Knock-In Event occurs because the closing level of at least
one Underlying reaches its Knock-In Level; and the Final Level of the Lowest Performing
Underlying is greater than its Initial Level.
Underlying
|
Initial
Level
|
Lowest closing
level of the Underlying
during the Observation Period
|
Final Level on
Valuation Date
|
SPX
|
1,057
|
581.35 (55% of Initial Level)
|
1,162.70 (110% of Initial Level)
|
RTY
|
604
|
543.60 (90% of Initial Level)
|
724.80 (120% of Initial Level)
|
Since the closing level
of SPX reaches its Knock-In Level, a Knock-In Event occurs. SPX is also
the Lowest Performing Underlying.
Therefore, the percentage change of the Lowest Performing Underlying =
Final Level of SPX Initial Level of SPX
Initial Level of SPX
; subject to a maximum
of 0.00
=
(1,162.70 1,057)/1,057 = 0.10
BUT 0.10 is greater than the maximum of 0.0, so the percentage change of
the Lowest Performing Underlying is 0.0.
The Redemption Amount = principal amount of the
securities × (1 + percentage change of the Lowest
Performing Underlying)
= $1,000 X (1 + 0.0) = $1,000
4
Example 4: A Knock-In Event does not occur.
Underlying
|
Initial
Level
|
Lowest closing
level of the Underlying
during the Observation Period
|
Final Level on
Valuation Date
|
SPX
|
1,057
|
634.20 (60% of Initial Level)
|
1,162.70 (110% of Initial Level)
|
RTY
|
604
|
374.48 (62% of Initial Level)
|
664.40 (110% of Initial Level)
|
Since the closing level
of each Underlying did not reach or fall below its Knock-In Level, a Knock-In
Event does not occur.
Therefore, the Redemption Amount equals $1,000.
Selected Risk Considerations
An investment in the securities involves significant risks. Investing in
the securities is not equivalent to investing directly in the Underlyings.
These risks are explained in more detail in the Risk Factors section of the
accompanying product supplement.
-
THE
SECURITIES ARE NOT PRINCIPAL PROTECTED An
investment in the securities is not principal protected and you may receive
less at maturity than you originally invested in the securities, or you may
receive nothing, excluding any accrued or unpaid interest. If a Knock-In Event
occurs during the Observation Period and the Final Level of the Lowest Performing
Underlying falls below its Initial Level, you will be fully exposed to any
depreciation in the Lowest Performing Underlying. In this case, the Redemption
Amount you will be entitled to receive will be less than the principal amount
of the securities and you could lose your entire investment if the Lowest
Performing Underlying falls to zero. Any payment you will be entitled to
receive at maturity is subject to our ability to pay our obligations as they
become due.
-
THE
SECURITIES WILL NOT PAY MORE THAN THE PRINCIPAL AMOUNT, PLUS ACCRUED AND UNPAID
INTEREST, AT MATURITY OR UPON EARLY REDEMPTION The securities will not pay more than
the principal amount, plus accrued and unpaid interest, at maturity or upon
early redemption. If the Final Level of each Underlying is greater than its
respective Initial Level (regardless of whether a Knock-In Event has occurred),
you will not receive the appreciation of either Underlying. Assuming the
securities are held to maturity the maximum amount payable with respect to the
securities will not exceed $1,070.00 for each $1000 principal amount of the
securities.
-
THE
SECURITIES ARE SUBJECT TO THE CREDIT RISK OF CREDIT SUISSE Although the return on the securities
will be based on the performance of the Underlyings, the payment of any amount
due on the securities, including any applicable interest payments, early
redemption payment or payment at maturity, is subject to the credit risk of
Credit Suisse. Investors are dependant on our ability to pay all amounts due on
the securities, and therefore investors are subject to our credit risk. In
addition, any decline in our credit ratings, any adverse changes in the market's view of
our creditworthiness or any increase in our credit spreads is likely to
adversely affect the market value of the securities prior to maturity.
-
IF
A KNOCK-IN EVENT OCCURS, YOUR RETURN WILL BE BASED ON THE INDIVIDUAL
PERFORMANCE OF THE LOWEST PERFORMING UNDERLYING If a Knock-In Event occurs, your return
will be based on the individual performance of the Lowest Performing
Underlying. This will be true even if the closing level of the Lowest
Performing Underlying never reached or fell below its Knock-In Level on
any Trading Day during the Observation Period.
-
YOUR
RETURN WILL BE NEGATIVE EVEN IF A KNOCK-IN EVENT OCCURS WITH RESPECT TO ONLY
ONE UNDERLYING AND THE FINAL LEVEL OF ONLY ONE UNDERLYING REACHES OR FALLS
BELOW ITS INITIAL LEVEL Your
return will be negative even if a Knock-In Event occurs with respect to only
one Underlying and the Final Level of only one Underlying reaches
or falls below its Initial Level. Even if the closing level of only one
Underlying reaches or falls below its Knock-In Level on any Trading Day
during the Observation Period, a Knock-In Event will have occurred.
5
-
THE
SECURITIES ARE SUBJECT TO EARLY REDEMPTION, WHICH LIMITS YOUR ABILITY TO ACCRUE
INTEREST OVER THE FULL TERM OF THE SECURITIES The securities are subject to early redemption. The
securities may be redeemed on any Interest Payment Date occurring on or after April 5, 2010 upon
at least five business days notice. If the securities are redeemed prior to the
Maturity Date, you will be entitled to receive only the principal amount of
your securities and any accrued but unpaid interest to and including the Early
Redemption Date. In this case, you will lose the opportunity to continue to
accrue and be paid interest from the Early Redemption Date to the scheduled
Maturity Date. If the securities are redeemed prior to the Maturity Date, you
may be unable to invest in other securities with a similar level of risk that
yield as much interest as the securities.
-
SINCE
THE SECURITIES ARE LINKED TO THE PERFORMANCE OF MORE THAN ONE UNDERLYING, YOU
WILL BE FULLY EXPOSED TO THE RISK OF FLUCTUATIONS IN THE LEVELS OF EACH
UNDERLYING Since the
securities are linked to the performance of more than one Underlying, the
securities will be linked to the individual performance of each
Underlying. Because the securities are not linked to a basket, in which the
risk is mitigated and diversified among all of the components of a basket, you
will be exposed to the risk of fluctuations in the levels of the Underlyings to
the same degree for each Underlying. For example, in the case of securities
linked to a basket, the return would depend on the weighted aggregate
performance of the basket components as reflected by the basket return. Thus,
the depreciation of any basket component could be mitigated by the appreciation
of another basket component, to the extent of the weightings of such components
in the basket. However, in the case of securities linked to the lowest
performing of each of two Underlyings, the individual performance of
each Underlying would not be combined to calculate your return and the
depreciation of either Underlying would not be mitigated by the appreciation of
the other Underlying. Instead, your return would depend on the lowest
performing of the two Underlyings to which the securities are linked.
-
CERTAIN
BUILT-IN COSTS ARE LIKELY TO ADVERSELY AFFECT THE VALUE OF THE SECURITIES PRIOR
TO MATURITY While the
payment at maturity described in this pricing supplement is based on the full
principal amount of your securities, the original issue price of the securities
includes the agents commission and the cost of hedging our obligations under
the securities through one or more of our affiliates. As a result, the price,
if any, at which Credit Suisse (or its affiliates), will be willing to purchase
securities from you in secondary market transactions, if at all, will likely be
lower than the original issue price, and any sale prior to the Maturity Date
could result in a substantial loss to you. The securities are not designed to
be short-term trading instruments. Accordingly, you should be able and willing
to hold your securities to maturity.
-
NO
DIVIDEND PAYMENTS OR VOTING RIGHTS As
a holder of the securities, you will not have voting rights or rights to
receive cash dividends or other distributions or other rights with respect to
the stocks that comprise the Underlyings.
-
LACK
OF LIQUIDITY The
securities will not be listed on any securities exchange. Credit Suisse (or its
affiliates) intends to offer to purchase the securities in the secondary market
but is not required to do so. Even if there is a secondary market, it may not
provide enough liquidity to allow you to trade or sell the securities easily.
Because other dealers are not likely to make a secondary market for the
securities, the price at which you may be able to trade your securities is
likely to depend on the price, if any, at which Credit Suisse (or its
affiliates) is willing to buy the securities. If you have to sell your
securities prior to maturity, you may not be able to do so or you may have to
sell them at a substantial loss.
-
POTENTIAL
CONFLICTS We and our
affiliates play a variety of roles in connection with the issuance of the
securities, including acting as calculation agent and hedging our obligations
under the securities. In performing these duties, the economic interests of the
calculation agent and other affiliates of ours are potentially adverse to your
interests as an investor in the securities.
6
-
MANY
ECONOMIC AND MARKET FACTORS WILL IMPACT THE VALUE OF THE SECURITIES In addition to the levels of the
Underlyings on any Trading Day during the Observation Period, the value of the
securities will be affected by a number of economic and market factors that may
either offset or magnify each other, including:
-
the
expected volatility of the Underlyings;
-
the
time to maturity of the securities;
-
the
dividend rate on the stocks comprising the Underlyings;
-
interest
and yield rates in the market generally;
-
geopolitical
conditions and a variety of economic, financial, political, regulatory or
judicial events that affect the stocks comprising the Underlyings, or stock markets
generally and which may affect the levels of the Underlyings; and
-
our
creditworthiness, including actual or anticipated downgrades in our credit
ratings.
Some
or all of these factors may influence the price that you will receive if you
choose to sell your securities prior to maturity. The impact of any of the
factors set forth above may enhance or offset some or all of any change
resulting from another factor or factors.
Use of Proceeds and Hedging
We intend to use the proceeds of this offering for our general corporate
purposes, which may include the refinancing of existing debt outside Switzerland.
Some or all of the proceeds we receive from the sale of the securities may be
used in connection with hedging our obligations under the securities through
one or more of our affiliates. Such hedging or trading activities on or prior
to the Trade Date and during the term of the securities (including on the
Valuation Date) could adversely affect the value of the Underlyings and, as a
result, could decrease the amount you may receive on the securities at
maturity. For further information, please refer to Use of Proceeds and
Hedging in the accompanying product supplement.
7
Historical Performance of the
Underlyings
The following graphs set forth the historical performance of the S&P
500 Index and Russell 2000 Index based on the closing levels from January 1, 2004
through September 30, 2009. The closing levels of the S&P 500 Index and
Russell 2000 Index on September 30, 2009 were 1,057.08 and 604.28, respectively. We obtained
the closing levels and other information below from Bloomberg, without
independent verification. We make no representation or warranty as to the
accuracy or completeness of the information obtained from Bloomberg.
You should not take the historical levels of the Underlyings as an
indication of future performance of the Underlyings or the securities. The
levels of either of the Underlyings may decrease so that a Knock-In Event
occurs and at maturity you will receive a Redemption Amount equal to less than
the principal amount of the securities. We cannot give you any assurance that
the closing levels of the Underlyings will remain above their respective
Knock-In Levels during the Observation Period. If the closing level of either
Underlying reaches or falls below its Knock-In Level on any Trading Day during
the Observation Period, and the closing level of the Lowest Performing
Underlying on the Valuation Date is less than its Initial Level, then you will
lose money on your investment.
For further information on the Underlyings, see the accompanying
underlying supplement.
8
Certain United States Federal Income Tax Considerations
The following discussion summarizes certain U.S. federal
income tax consequences of owning and disposing of securities that may be
relevant to holders of securities that acquire their securities from us as part
of the original issuance of the securities. This discussion applies only to
holders that hold their securities as capital assets within the meaning of the
Internal Revenue Code of 1986, as amended (the Code). Further, this
discussion does not address all of the U.S. federal income tax consequences that may be relevant
to you in light of your individual circumstances or if you are subject to
special rules, such as if you are:
-
a
financial institution,
-
a
mutual fund,
-
a
tax-exempt organization,
-
a
grantor trust,
-
certain
U.S. expatriates,
-
an
insurance company,
-
a
dealer or trader in securities or foreign currencies,
-
a
person (including traders in securities) using a mark-to-market method of
accounting,
-
a
person who holds securities as a hedge or as part of a straddle with another
position, constructive sale, conversion transaction or other integrated
transaction, or
-
an
entity that is treated as a partnership for U.S. federal income tax
purposes.
The discussion is based upon the Code, law, regulations, rulings and
decisions, in each case, as available and in effect as of the date hereof, all
of which are subject to change, possibly with retroactive effect. Tax consequences
under state, local and foreign laws are not addressed herein. No ruling from
the U.S. Internal Revenue Service (the IRS) has been or will be sought as to
the U.S. federal income tax consequences of the ownership and disposition of
securities, and the following discussion is not binding on the IRS.
You should consult your tax advisor as to the specific tax consequences
to you of owning and disposing of securities, including the application of
federal, state, local and foreign income and other tax laws based on your
particular facts and circumstances.
IRS CIRCULAR 230 REQUIRES THAT WE INFORM YOU THAT ANY TAX STATEMENT
HEREIN REGARDING ANY U.S. FEDERAL TAX IS NOT INTENDED OR WRITTEN TO BE USED,
AND CANNOT BE USED, BY ANY TAXPAYER FOR THE PURPOSE OF AVOIDING ANY PENALTIES.
ANY SUCH STATEMENT HEREIN WAS WRITTEN TO SUPPORT THE MARKETING OR PROMOTION OF
THE TRANSACTION(S) OR MATTER(S) TO WHICH THE STATEMENT RELATES. A PROSPECTIVE
INVESTOR (INCLUDING A TAX-EXEMPT INVESTOR) IN THE SECURITIES SHOULD CONSULT ITS
OWN TAX ADVISOR IN DETERMINING THE TAX CONSEQUENCES OF AN INVESTMENT IN THE
SECURITIES, INCLUDING THE APPLICATION OF STATE, LOCAL OR OTHER TAX LAWS AND THE
POSSIBLE EFFECTS OF CHANGES IN FEDERAL OR OTHER TAX LAWS.
Characterization of the Securities
There are no regulations, published rulings or judicial decisions
addressing the characterization for U.S. federal income tax purposes of securities with terms
that are substantially the same as those of the securities. Under one approach,
each security is treated as consisting of (a) a put option (the Put Option)
that requires the holder to cash settle against the value of the lowest
performing reference index for an amount equal to the Deposit (as defined
below) if any Underlying Index level declines to a defined floor level and ends
up equal to or less than the Initial Level and (b) a deposit with us of cash,
in an amount equal to the amount paid for a security (the Deposit) to secure
the holders potential obligation to cash settle against the value of the
lowest performing reference index. We intend to treat the securities consistent
with this approach. We and by acceptance of a security, each
9
holder, agree to
treat the securities as consisting of a Deposit and a Put Option with respect
to the reference indices for all U.S. federal income tax purposes. The balance
of this summary assumes that the securities are so treated.
You should be aware that the characterization of the securities as
described above is not certain, nor is it binding on the IRS or the courts.
Thus, it is possible that the IRS would seek to characterize your securities in
a manner that results in tax consequences to you that are different from those
described above.
For example, the IRS might assert that the securities constitute contingent
payment debt instruments that are subject to special tax rules governing the
recognition of income over the term of your securities. If the securities were
to be treated as contingent debt, you would be required to include in income on
an economic accrual basis over the term of the securities an amount of interest
that is based upon the yield at which we would issue a non-contingent
fixed-rate debt instrument with other terms and conditions similar to your
securities, or the comparable yield. The amount of interest that you would be
required to include in income on a current basis would not be matched by cash
distributions to you. You would recognize gain or loss upon the sale,
redemption or maturity of your securities in an amount equal to the difference,
if any, between the amount you receive at such time and your adjusted basis in
your securities. In general, your adjusted basis in your securities would be
equal to the amount you paid for your securities, increased by the amount of
interest you previously accrued with respect to your securities. Any gain you
recognized upon the sale, redemption, or maturity of your securities would be
ordinary income and any loss to the extent of interest you included in income
in the current or previous taxable years in respect of your securities would be
ordinary loss, and thereafter would be capital loss.
Alternatively, in the event that the securities reference an equity
interest in a pass-thru entity within the meaning of Code section 1260 (which
includes shares in, among others, an exchange-traded fund, a regulated
investment company, a real estate investment trust, a partnership or trust),
the IRS might assert that the securities constitute a constructive ownership
transaction. If the securities were treated as a constructive ownership
transaction, under Code section 1260, all or a portion of your gain, if any,
from the securities would be recharacterized as ordinary income, and you would
be required to pay additional tax calculated by reference to interest on the
tax on such recharacterized income.
You should consult your tax adviser as to the tax consequences of such
characterization and any possible alternative characterizations of your
securities for U.S. federal income tax purposes.
Tax Treatment of U.S. Holders
For purposes of this discussion, the term U.S. Holder, for U.S.
federal income tax purposes, means a beneficial owner of securities that is (1)
a citizen or resident of the United States, (2) a corporation (or an entity
treated as a corporation for U.S. federal income tax purposes) created or
organized in or under the laws of the United States or any state thereof or the
District of Columbia, (3) an estate, the income of which is subject to U.S.
federal income taxation regardless of its source, or (4) a trust, if (a) a
court within the United States is able to exercise primary supervision over the
administration of such trust and one or more U.S. persons have the authority to
control all substantial decisions of the trust or (b) such trust has in effect
a valid election to be treated as a domestic trust for U.S. federal income tax
purposes. If a partnership (or an entity treated as a partnership for U.S. federal
income tax purposes) holds securities, the U.S. federal income tax
treatment of such partnership and a partner in such partnership will generally
depend upon the status of the partner and the activities of the partnership. If
you are a partnership, or a partner of a partnership, holding securities, you
should consult your tax adviser regarding the tax consequences to you from the
partnership's purchase, ownership and disposition of the
securities.
In accordance with the agreed-upon tax treatment described above, the
portion of each stated interest coupon on the security that should be treated
as interest on the Deposit is 1.26375% and the balance should be treated as put
premium received by the U.S. Holder in respect of the Put Option to us (the
"Put Premium").
Interest Payments on the Securities
We will treat the Deposit as a debt obligation issued by us.
Accordingly, we will treat each coupon payment as consisting of interest of
1.26375% on the Deposit and the balance as Put Premium paid to you. U.S.
Holders should therefore include such interest component of the coupon in
income as received or accrued, based on their method of accounting.
10
Put Premium and Payment of Redemption Amount on the Securities
A U.S. Holder should not be subject to tax upon receipt of the Put
Premium.
If a knock-in event has occurred, a U.S. holder will receive cash equal
to the amount described above under "Description of the Securities
Redemption Amount" and should recognize short-term capital gain or loss
equal to the difference between (a) the cash proceeds so received (other than
in respect of any accrued but unpaid coupon on the security, which will be
taxed as described above) plus the Put Premium, and (b) the U.S. Holder's tax basis
in the security (generally equal to the amount of the Deposit).
If the final level of the lowest performing index is greater than the
initial level, a U.S. holder will receive cash equal the principal amount of
the security and should recognize short-term capital gain or loss equal to the
difference between (a) the cash proceeds so received (other than in respect of
any accrued but unpaid coupon on the security, which will be taxed as described
above) and (b) the U.S. Holder's tax basis in the security. This difference is
expected to equal zero. The Put Option should be deemed to have expired
unexercised and the Put Premium received should be treated as short-term
capital gain at such time.
Sale or Exchange of the
Securities
Upon a sale or exchange of a security, a U.S. Holder should allocate the
sale proceeds received between the Deposit and the Put Option on the basis of
their respective fair market values on the date of sale. The U.S. Holder should
generally recognize gain or loss with respect to the Deposit in an amount equal
to the difference between the amount of the sale proceeds allocable to the
Deposit and the U.S. Holders adjusted tax basis in the Deposit (which will
generally equal the issue price of the security). Except to the extent
attributable to accrued but unpaid interest with respect to the Deposit, which
will be subject to tax as described above under Interest Payments on the
Securities, such gain or loss will be short-term capital gain or loss if the
U.S. Holder has held the security for not more than one year, and long-term
capital gain or loss if the U.S. Holder has held the security for more than one
year. A U.S. Holder should recognize short-term capital gain equal to the
amount of remaining sale proceeds allocable to the Put Option plus any
previously received Put Premium. If the value of the Deposit exceeds the total
sale proceeds received, then the U.S. Holder should be treated as having paid
the buyer an amount equal to the amount of such excess in exchange for the
buyers assumption of the U.S. Holders rights and obligations under the Put
Option. In such a case, the U.S. Holder should recognize short-term capital
gain or loss in an amount equal to the difference between the total Put Premium
previously received and the amount of the payment deemed made by the U.S.
Holder to the buyer with respect to the assumption of the Put Option. The
amount of the deemed payment will be added to the sale proceeds allocated to
the Deposit in determining the gain or loss in respect of the Deposit.
Non-U.S. Holders Generally
The U.S. withholding tax consequences of any coupon payment
in respect of the securities is uncertain. Given the uncertainty, we will
withhold U.S. income tax at a rate of 30% on any coupon payment.
It may be possible for a non-U.S. Holder to take the position that some or all
of a coupon payment is exempt from the 30% U.S. withholding tax or subject
to a reduced withholding tax rate under an applicable tax treaty. Any non-U.S.
Holder taking the position that a coupon payment is exempt from the 30%
withholding tax or eligible for a reduced rate of U.S.
withholding tax may seek a refund or credit of any excess amounts withheld by
us by filing an appropriate claim for refund with the IRS.
In the case of a holder of the securities that is not a U.S. Holder and
has no connection with the United States other than holding its securities (a
Non-U.S. Holder), payment of the redemption amount by us in respect to the
securities will not be subject to U.S. withholding tax, provided that such
Non-U.S. Holder complies with applicable certification requirements. Any gain
realized upon the sale or other disposition of the securities by a Non-U.S.
Holder will generally not be subject to U.S. federal income tax unless (i) such
gain is effectively connected with a U.S. trade or business of such Non-U.S.
Holder or (ii) in the case of an individual, such individual is present in the
United States for 183 days or more in the taxable year of the sale or other
disposition and certain other conditions are met.
Non-U.S. Holders that are subject to U.S. federal income taxation on
a net income basis with respect to their investment in the securities should
refer to the discussion above relating to U.S. Holders.
11
U.S. Federal Estate Tax Treatment of Non-U.S. Holders
The securities may be subject to U.S. federal estate tax if an individual Non-U.S. Holder
holds the securities at the time of his or her death. The gross estate of a
Non-U.S. Holder domiciled outside the United
States includes only property situated
in the United States. Individual Non-U.S. Holders should consult their
tax advisers regarding the U.S. federal estate tax consequences of holding the
securities at death.
IRS Notice on Certain Financial Transactions
On December 7, 2007, the IRS and the Treasury Department issued Notice
2008-2, in which they stated they are considering issuing new regulations or
other guidance on whether holders of an instrument such as the securities
should be required to accrue income during the term of the instrument. The IRS
and Treasury Department also requested taxpayer comments on (a) the appropriate
method for accruing income or expense (e.g., a mark-to-market methodology or a
method resembling the noncontingent bond method), (b) whether income and gain
on such an instrument should be ordinary or capital, and (c) whether foreign
holders should be subject to withholding tax on any deemed income accrual.
Accordingly, it is possible that regulations or other guidance may be
issued that require holders of the securities to recognize income in respect of
the securities prior to receipt of any payments thereunder or sale thereof. Any
regulations or other guidance that may be issued could result in income and
gain (either at maturity or upon sale) in respect of the securities being
treated as ordinary income. It is also possible that a Non-U.S. Holder of the
securities could be subject to U.S. withholding tax in respect of the securities under
such regulations or other guidance. It is not possible to determine whether
such regulations or other guidance will apply to your securities (possibly on a
retroactive basis). You are urged to consult your tax adviser regarding Notice
2008-2 and its possible impact on you.
Possible Legislation on Prepaid Derivative Contracts
On December 19, 2007, Representative Richard Neal introduced a tax bill
(the Bill) that was referred to the House
Ways and Means Committee of the
previous Congress and would apply to prepaid derivative contracts acquired
after the date of enactment of the Bill. No further action was taken on the
Bill and it has not been reintroduced in the current Congress. The Bill, if
reintroduced with the same language, would apply to certain derivative
financial contracts with a term of more than one year, where there is no
substantial likelihood that the taxpayer will be required to pay any additional
amount thereunder, and would require the holder of such a contract to include
as interest income each year in respect of such contract an amount determined
by reference to the monthly U.S. federal short-term rate determined under Code
section 1274(d). A holders tax basis in such contract would be increased by
the amount so included. Any gain (either at maturity or upon sale) with respect
to the contract would be treated as long-term capital gain if the contract is a
capital asset in the hands of the holder and such holder has held the contract
for more than one year. Any loss would be treated as ordinary loss to the
extent of prior interest accruals.
While the Bill, if reintroduced with the same language and enacted,
would not apply to the securities (due to its prospective effective date), it
is not possible to predict whether any tax legislation that may ultimately be
enacted will apply to your securities (possibly on a retroactive basis). You
are urged to consult your tax adviser regarding the Bill and any future tax
legislation that may apply to your securities.
Backup Withholding and Information Reporting
A holder of the securities (whether a U.S. Holder or a Non-U.S. Holder)
may be subject to information reporting requirements and to backup withholding
with respect to certain amounts paid to such holder unless it provides a
correct taxpayer identification number, complies with certain certification
procedures establishing that it is not a U.S. Holder or establishes proof of
another applicable exemption, and otherwise complies with applicable
requirements of the backup withholding rules.
12
Supplemental Plan of Distribution
Under the terms and subject to the conditions contained in a
distribution agreement dated May 7, 2007, as amended, which we refer to as
the distribution agreement, we have agreed to sell the securities to Credit
Suisse Securities (USA) LLC ("CSSU").
The distribution agreement provides that CSSU is obligated to purchase
all of the securities if any are purchased.
CSSU proposes to offer the securities at the offering price and will
receive the underwriting discounts and commissions set forth on the cover page
of this pricing supplement. CSSU may allow the same discount on the principal
amount per security on sales of such securities of other brokers or dealers. If
all of the securities are not sold at the initial offering price, CSSU may
change the public offering price and other selling terms.
Please refer to Underwriting in the accompanying product supplement
for further information.
13
Credit Suisse
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end
-----END PRIVACY-ENHANCED MESSAGE-----