Credit Suisse AG Announces the Reverse Splits of its UWTI and UGAZ ETNs

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Sep 02, 2015, 04:18 ET

NEW YORK, Sept. 2, 2015 /PRNewswire/ -- Credit Suisse AG announced today that it will implement a 1-for-10 reverse split of its VelocityShares™ 3x Long Crude Oil ETN ("UWTI") and a 1-for-5 reverse split of its VelocityShares™ 3x Long Natural Gas ETN ("UGAZ"), each expected to be effective as of September 10, 2015.

The reverse splits will be effective at the open of trading on September 10, 2015 and UWTI and UGAZ will each begin trading on the NYSE Arca on a reverse split-adjusted basis on such date. Holders of UWTI and UGAZ who purchased the ETNs prior to September 10, 2015 will receive one reverse split-adjusted ETN for every ten pre reverse-split UWTI ETNs and one reverse-split adjusted ETN for every five pre reverse-split UGAZ ETNs, respectively. In addition, such purchasers that hold a number of units of ETNs not evenly divisible by ten or five, as applicable, will receive a cash payment for any fractional number of units remaining of such series of ETNs (the "partials"). The cash amount due on any partials will be determined on September 17, 2015 based on the respective closing indicative values of UWTI and UGAZ on such date and will be paid by Credit Suisse AG on September 18, 2015.

The closing indicative value of UWTI on September 9, 2015 will be multiplied by ten to determine its reverse split-adjusted closing indicative value, and the closing indicative value of UGAZ on September 9, 2015 will be multiplied by five to determine its reverse split-adjusted closing indicative value. Following the reverse splits, UWTI and UGAZ will have new CUSIPs but will retain their same ticker symbols.

The reverse splits will affect the trading denominations of UWTI and UGAZ but they will not have any effect on the principal amounts of the underlying notes, except that the principal amounts will be reduced by the corresponding aggregate amount of any cash payments for "partials."

None of the other ETNs offered by Credit Suisse AG are affected by these announcements.

Reverse Split	Ticker Symbol	CUSIP / New CUSIP
VelocityShares™ 3x Long Crude Oil ETN due February 9, 2032	UWTI	22542D589 / 22542D399
VelocityShares™ 3x Long Natural Gas ETN due February 9, 2032	UGAZ	22542D571 / 22542D381

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 46,600 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