Corporate Press Release
Credit Suisse AG Announces the Repurchase of its CSLS ETNs and the Acceleration of its CSCR and FIBG ETNs
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||CSLS||22542D878|
|Credit Suisse X-Links Commodity Rotation ETNs due June 15, 2033||CSCR||22542D456|
|Credit Suisse FI Enhanced Big Cap Growth ETNs due October 22, 2018||FIBG||22539T563|