NEW YORK, Dec. 13, 2017 /PRNewswire/ -- Credit
Suisse AG announced today that it will implement a 1-for-10 reverse
split of its VelocityShares™ 3x Long Natural Gas ETN
("UGAZ"), expected to be effective as of December 20, 2017.
The reverse split will be effective at the open of trading on
December 20, 2017. UGAZ will begin
trading on the NYSE Arca on a reverse split-adjusted basis on such
date. Holders of units of UGAZ who purchased such units prior to
December 20, 2017 will receive one
reverse split-adjusted unit of UGAZ for every ten pre-reverse split
units of UGAZ. In addition, such purchasers that hold a number of
units of UGAZ not evenly divisible by ten will receive a cash
payment for any fractional number of units remaining of UGAZ (the
"partials"). The cash amount due on any partials is expected
to be determined on December 27, 2017
based on the closing indicative value of UGAZ on such date and will
be paid by Credit Suisse AG on or about January 2, 2018.
The closing indicative value of UGAZ on December 19, 2017 will be multiplied by
ten to determine its reverse split-adjusted closing indicative
value. Following the reverse split, UGAZ will have a new CUSIP but
will retain its same ticker symbol.
The reverse split will affect the trading denominations of UGAZ
but it will not have any effect on the stated principal amount of
UGAZ, except that the aggregate stated principal amount of UGAZ
will be reduced by the corresponding aggregate amount of any cash
payments for "partials."
None of the other exchange traded notes issued by Credit Suisse
AG are affected by these announcements.
Reverse
Split
|
Ticker
Symbol
|
CUSIP / New
CUSIP
|
VelocityShares™ 3x
Long Natural Gas ETN due February 9, 2032
|
UGAZ
|
22539T324 /
22539T217
|
Press Contacts
Nicole
Sharp, Credit Suisse AG, telephone +1 212 325 8708,
nicole.sharp@credit-suisse.com
Azar Boehm, Credit Suisse AG,
telephone +1 212 538 3953, azar.boehm@credit-suisse.com
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 46,720 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.
Copyright © 2017, CREDIT SUISSE GROUP AG and/or its affiliates.
All rights reserved.
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SOURCE Credit Suisse AG