NEW
YORK, June 9, 2023 /PRNewswire/ -- Credit
Suisse AG announced today that, following June 30, 2023, CME Term SOFR will be the
replacement reference rate for its outstanding New York law-governed debt securities that use
U.S. dollar LIBOR as the reference rate.
The outstanding notes of Credit Suisse AG listed below (the
"LIBOR Notes") currently use three-month U.S. dollar LIBOR as the
reference rate and require the calculation agent to select a
successor reference rate following the cessation of three-month
U.S. dollar LIBOR.
Title of
Notes
|
CUSIP
|
Fixed to Floating Rate
Securities due April 14, 2026 Linked to
the Performance of the 3-Month USD LIBOR
|
22548Q3E3
|
Senior Floating Rate
Securities due 2031 Step-Up 3-Month
USD LIBOR and S&P 500® Index Range Accrual
Securities
|
22548Q6L4
|
Pursuant to the Adjustable Interest Rate (LIBOR) Act (the "LIBOR
Act") enacted by the Congress on March 15,
2022 and the final rule adopted by the Federal Reserve Board
on December 16, 2022 implementing the
LIBOR Act (the "LIBOR Rule"), Credit Suisse International, as the
calculation agent and the "Determining Person" (as defined under
the LIBOR Act), has determined that three-month CME Term SOFR shall
be the reference rate for calculations of the amount of interest
payable with respect to the LIBOR Notes for which the interest rate
determination date occurs after June 30,
2023.
By operation of the LIBOR Act and LIBOR Rule, the calculation of
the amount of interest payable with respect to the LIBOR Notes for
which the interest rate determination date occurs after
June 30, 2023 will also include the
tenor spread adjustment of 0.26161%.
Press Contact
Andre Rosenblatt, Credit Suisse,
andre.rosenblatt@credit-suisse.com
Credit Suisse
Credit Suisse is one of the world's
leading financial services providers. The bank's strategy is built
on its leading Wealth Management and Swiss Bank franchises, with
strong Asset Management as well as Markets capabilities. Credit
Suisse seeks to follow a balanced approach to wealth management,
aiming to capitalize on both the large pool of wealth within mature
markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while
also serving key developed markets with an emphasis on Switzerland. The bank employs more than 50,000
people. The registered shares (CSGN) of 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 © 2023, CREDIT SUISSE GROUP AG and/or its affiliates.
All rights reserved.
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SOURCE Credit Suisse AG