NEW YORK, Aug. 2, 2016 /PRNewswire/ -- Credit
Suisse AG announced today that it will implement a 1-for-25 reverse
split of its VelocityShares™ Daily 2x VIX Short Term ETN ("TVIX"),
expected to be effective as of August 9,
2016.
On August 11, 2016, holders of
record will receive one reverse split-adjusted ETN for every
twenty-five units of TVIX. In addition, such holders of record that
hold a number of units of ETNs not evenly divisible by twenty-five
will receive a cash payment for any fractional number of units
remaining of TVIX (the "partials"). The cash amount due on any
partials will be determined on August 15,
2016, based on the closing indicative value of TVIX on such
date and will be paid by Credit Suisse AG on August 22, 2016.
The closing indicative value of TVIX on August 8, 2016 will be multiplied by twenty-five
to determine its reverse split-adjusted closing indicative value.
The reverse split will be effective at the open of trading on
August 9, 2016 and TVIX will begin
trading on the NASDAQ Stock Market on a reverse split-adjusted
basis on such date. Following the reverse split, TVIX will have a
new CUSIP but will retain the same ticker symbol.
The reverse split will affect the trading denominations of TVIX
but it will not have any effect on the principal amount of the
underlying notes, except that the aggregate principal amount will
be reduced by an amount equal to the aggregate principal amount of
the partials.
None of the other ETNs offered by Credit Suisse AG are affected
by these announcements.
Reverse
Split
|
Ticker
Symbol
|
CUSIP / New
CUSIP
|
VelocityShares™ Daily
2x VIX Short Term ETN due December 4, 2030
|
TVIX
|
22539T423 /
22539T274
|
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 47,760 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.
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SOURCE Credit Suisse AG