Credit Suisse International Announces Tender Offers for Certain Securities

NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT (SEE "OFFER AND DISTRIBUTION RESTRICTIONS" BELOW)

NEW YORK, Oct. 7, 2022 /PRNewswire/ -- Credit Suisse International (the Offeror*) announced today invitations to holders of the outstanding securities described in the table below to tender such securities for purchase by the Offeror for cash for aggregate consideration of up to U.S.$ 2,000,000,000, subject to increase as described in the Tender Offer Memorandum, (each such invitation an Offer and together, the Offers).

This announcement does not contain the full terms and conditions of the Offers which are contained in the tender offer memorandum dated 7 October 2022 (the Tender Offer Memorandum) prepared by the Offeror, and are subject to the offer restrictions set out below and as more fully described in the Tender Offer Memorandum. Holders of the securities (together the Securities and each series of the Securities a Series) described in the table below are advised to read carefully the Tender Offer Memorandum, copies of which are (subject to distribution restrictions) available from the Dealer Manager and the Information and Tender Agent as set out below.  Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

* Together with the issuer of the Securities, as described in the Tender Offer Memorandum.

Details of the Offers

Rationale for the Offers

The Offers are consistent with the Group's proactive approach to managing overall liability composition and optimising interest expense and allow us to take advantage of market conditions to repurchase debt at attractive prices.

Tender Offer Consideration, Early Tender Payment and Total Consideration for the Offers

Total Consideration for the Offers

In respect of any Securities validly tendered at or prior to the applicable Early Tender Deadline and accepted for purchase pursuant to the relevant Offer, the Offeror will pay a cash purchase price per U.S.$1,000, in principal amount equal to the Total Consideration for the relevant Series, which includes the Early Tender Payment for such Series as set out in the table above. The Total Consideration for each Series will be:

(a)  in respect of the Floating Rate Notes due August 2023 (ISIN: US22550UAD37 / CUSIP:22550UAD3), Floating Rate Notes due February 2025 (ISIN: US22550UAF84 / CUSIP: 22550UAF8), the Floating Rate Notes due February 2024 (ISIN: US22550UAB70 / CUSIP: 22550UAB7) and the, as set out in the table above; and

(b)  in respect of the 1.00 per cent. Notes due May 2023 (ISIN: US22550L2D25 / CUSIP: 22550L2D2), the 0.52 per cent. Notes due August 2023 (ISIN: US22550L2F72 / CUSIP: 22550L2F7), 1.25 per cent. Notes due August 2026 (ISIN: US22550L2G55 / CUSIP: 22550L2G5), the 5.00 per cent. Notes due July 2027 (ISIN: US22550L2K67 / CUSIP: 22550L2K6), the 3.70 per cent. Notes due February 2025 (ISIN: US22550L2H39 / CUSIP: 22550L2H3), the 4.75 per cent. Notes due August 2024 (ISIN: US22550L2J94 / CUSIP: 22550L2J9), the 0.495 per cent. Notes due February 2024 (ISIN: US22550L2E08 / CUSIP: 22550L2E0), the 3.625 per cent. Notes due September 2024 (ISIN: US22546QAP28 / CUSIP: 22546QAP2) and the 2.95 per cent. Notes due April 2025 (ISIN: US22550L2C42 / CUSIP: 22550L2C4) (together the Fixed Spread Securities), an amount determined in the manner described under "Determination of Total Consideration for Fixed Spread Securities" below by reference to the Purchase Yield for the relevant Series being the sum of (i) the Fixed Spread specified for the relevant Series in the table above and (ii) the Reference Yield based on the bid side price  of the Reference Treasury Security specified for the relevant Series in the table above as reported on Bloomberg Reference Page PX1 at 9.30 a.m. (New York City time) on 4 November 2022.

Tender Offer Consideration for the Offers

For Securities of the relevant Series validly tendered after the applicable Early Tender Deadline and accepted for purchase pursuant to the relevant Offer, the Offeror will pay only the applicable Tender Offer Consideration. The Tender Offer Consideration for each Series will be the Total Consideration less the Early Tender Payment for the relevant Series as set out in the table above.

Accrued Interest

The Offeror will also pay an Accrued Interest Payment in respect of Securities accepted for purchase pursuant  to the Offers.

Settlement of the Offers

The Total Consideration and Accrued Interest Payment for Securities of the relevant Series validly tendered pursuant to an Offer at or prior to the applicable Early Tender Deadline, and accepted for purchase, will be paid to Holders on the applicable Early Settlement Date. Each Early Settlement Date will be promptly after the applicable Early Tender Deadline, and is currently expected to be 7 November 2022.

The Tender Offer Consideration and Accrued Interest Payment for Securities validly tendered pursuant to an Offer at or prior to the applicable Expiration Deadline but after the applicable Early Tender Deadline, and accepted for purchase, will be paid to Holders on the applicable Final Settlement Date. Each Final Settlement Date will be promptly after the applicable Expiration Deadline, and is currently expected to be 15 November 2022.

Total Purchase Funds Available and Priority of Acceptance

The Offeror proposes to accept for purchase pursuant to the Offers an aggregate principal amount of Securities such that the total amount payable by the Offeror for all of the Securities accepted for purchase pursuant to the Offers (excluding all Accrued Interest Payments payable in respect of such Securities) is no greater than U.S.$2,000,000,000, subject to increase by the Offeror as described in the Tender Offer Memorandum (such amount, as the same may be increased, the Total Purchase Funds Available).  In respect of any Securities that have been validly tendered for purchase pursuant to the Offers, the total amount that would be payable by the Offeror for all such Securities if they were accepted for purchase pursuant to the Offers (excluding all Accrued Interest Payments payable in respect of such Securities) is referred to as the Total Amount Payable in respect of such Securities.

Accordingly on each Settlement Date, subject to the terms and conditions of the Offers, the Offeror will accept for purchase Securities validly tendered in the Offers in the order of the related Acceptance Priority Level set out in the table above (each an Acceptance Priority Level), beginning with the lowest numerical value, and all Securities validly tendered for purchase having a higher Acceptance Priority Level (being a lower numerical value) will be accepted for purchase before any Securities having a lower Acceptance Priority Level (being a higher numerical value).

If, on the relevant Settlement Date, the Total Amount Payable in respect of the Securities (validly tendered for purchase pursuant to the relevant Offers would exceed the Total Purchase Funds Available, the Offeror intends, subject to the terms and conditions of the Offers, to accept certain Securities for purchase pursuant to the relevant Offers on a pro rata basis, as more fully described in the Tender Offer Memorandum.

Tender Instructions

In order to participate in an Offer, and be eligible to receive the relevant Tender Offer Consideration and Accrued Interest Payment pursuant to the relevant Offer, Holders must validly tender their Securities by delivering, or arranging to have delivered on their behalf, a valid Tender Instruction that is received by the Information and Tender Agent by the applicable Expiration Deadline. In order for the relevant Holder to be eligible to receive the relevant Total Consideration pursuant to the relevant Offer, such Tender Instruction must be received by the Information and Tender Agent at or prior to the applicable Early Tender Deadline.

Tender Instructions in respect of the Offers may be withdrawn at any time from the time of their submission until 5.00 p.m. (New York City time) on 3 November 2022 (such time and date with respect to each   Series, as the same may be extended, the Withdrawal Deadline). Tender Instructions will be irrevocable following the applicable Withdrawal Deadline (and Tender Instructions submitted after the Withdrawal Deadline will be irrevocable from the time of their submission), except in the limited circumstances described in the Tender Offer Memorandum. Tender Instructions must be submitted in respect of a minimum principal amount of Securities of the relevant Series of no less than the minimum denomination for such Series, as set out in the table below, and may thereafter be submitted in integral multiples of the relevant amount set out in the Tender Offer Memorandum.

Recent Developments

The Offeror has launched, contemporaneously with the launch of the Offers, invitations to holders of certain series of euro- and pounds sterling-denominated debt securities to tender a capped amount of such securities for purchase by the Offeror for cash (the Capped Offers). The Capped Offers are (i) not open to any person located or resident in the United States, its territories and possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands) and such persons are not eligible to participate in or tender any securities pursuant to the Capped Offers. The Capped Offers are described in a separate offer document, and are not the subject of, and shall not be deemed to be offered by, the Tender Offer Memorandum.

Credit Suisse Group AG's third quarter 2022 earnings release, is expected to be published at or around 6.45 a.m. (Central European Summer Time) on 27 October 2022. As previously disclosed, Credit Suisse Group AG will update the market further on its comprehensive strategic review on 27 October 2022. Holders are urged to review the earnings release and the update when they become available as such information may be relevant to a decision whether to tender Securities pursuant to an Offer. That information will be made available on Credit Suisse Group AG's website at https://www.credit-suisse.com/about-us/en/investor-relations.html and shall, from its time and date of publication, be deemed to be incorporated by reference into the Tender Offer Memorandum.

Following the publication of such earnings release and update Holders may continue to submit, or to revoke previously submitted, Tender Instructions at any time prior to the Withdrawal Deadline (in each case subject to the earlier deadlines required by DTC and any intermediary through which Holders hold their Securities).

Indicative Timetable for the Offers

The above times and dates are subject to the right of the Offeror to extend, re-open, amend and/or terminate the Offers (subject to applicable law and as provided in the Tender Offer Memorandum) as described in the Tender Offer Memorandum.

Holders are advised to check with any bank, securities broker or other intermediary through which they hold Securities when such intermediary would need to receive instructions from a Holder in order for that Holder to be able to participate in, or (in the circumstances in which withdrawal is permitted) withdraw their instruction to participate in, an Offer before the deadlines set out above.  The deadlines set by any such intermediary and DTC for the submission and withdrawal of Tender Instructions may be earlier than the relevant deadlines set out above and in the Tender Offer Memorandum.

Unless stated otherwise, the Offeror may choose to make announcements in connection with the Offers in any reasonable manner (including on the relevant Reuters Insider Screen), but it will have no obligation to make announcements in any particular manner other than by issuing a press release to a Notifying News Service. Copies of all such announcements, press releases and notices can also be obtained from the Information and Tender Agent, the contact details for which are below.  Significant delays may be experienced where notices are delivered to DTC and Holders are urged to contact the Information and Tender Agent for the relevant announcements during the course of the Offers.  In addition, Holders may contact the Dealer Manager for information using the contact details below.

Holders are advised to read carefully the Tender Offer Memorandum for full details of, and information on the procedures for participating in, any Offer.

Credit Suisse Securities  (USA) LLC is acting as Dealer Manager and D.F. King & Co., Inc. is acting as Information and Tender Agent.

Questions and requests for assistance in connection with the Offers may be directed to the Dealer Manager:

The Dealer Manager
Credit Suisse Securities (USA) LLC 
Eleven Madison Avenue, 4th Floor
New York, New York 10010
United States

Telephone:
Within the United States:
(800) 820-1653 (U.S. toll free)
(212) 538-2147 (Collect)
Outside the United States:
+44 20 7883 8763
Attention: Liability Management Group
Email: [email protected]

Questions and requests for assistance in connection with the delivery of Tender Instructions may be directed to the Information and Tender Agent.

The Information and Tender Agent

D.F. King & Co., Inc.
48 Wall Street
New York, NY 10005
United States

Banks and Brokers (Collect):
+1 (212) 269 5550
All others (U.S. toll free):
+1 (800) 714 3311
Attention: Michael Horthman
Email: [email protected]

DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum.  The Tender Offer Memorandum contains important information which should be read carefully before any decision is made with respect to any Offer.   If any Holder is in any doubt as to the action it should take, it is recommended to seek its own financial advice, including in respect of any tax consequences, from its broker, bank manager, solicitor, accountant or other independent financial, tax or legal adviser.  Any individual or company whose Securities are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to tender such Securities pursuant to the Offers. None of the Offeror, the Dealer Manager, the Information and Tender Agent or the Issuer makes any recommendation as to whether Holders should tender Securities pursuant to the Offers.

OFFER AND DISTRIBUTION RESTRICTIONS

The distribution of this announcement and the Tender Offer Memorandum in certain jurisdictions may be restricted by law.  Persons into whose possession this announcement and/or the Tender Offer Memorandum comes are required by each of the Offeror, the Dealer Manager, the Issuer and the Information and Tender Agent to inform themselves about and to observe any such restrictions.  Neither this announcement nor the Tender Offer Memorandum constitutes an offer to buy or a solicitation of an offer to sell Securities (and tenders of Securities in any Offer will not be accepted from Holders) in any circumstances in which such offer or solicitation is unlawful.  In any jurisdiction where the securities, blue sky or other laws require an Offer to be made by a licensed broker or dealer and any of the Offeror's affiliates is such a licensed broker or dealer in such jurisdiction,  such  Offer  shall  be  deemed  to  be  made  by  such  affiliate  on  behalf  of  the  Offeror  in  such jurisdiction.

Italy.  None of the Offers, this announcement, the Tender Offer Memorandum or any other document or materials relating to the Offers have been or will be submitted to the clearance procedures of the Commissione Nazionale per le Società e la Borsa (CONSOB) pursuant to Italian laws and regulations. The Offers are being carried out in the Republic of Italy (Italy) as exempted offers pursuant to article 101-bis, paragraph 3-bis of the Legislative Decree No. 58 of 24 February 1998, as amended (the Financial Services Act) and article 35-bis, paragraph 4 of CONSOB Regulation No. 11971 of 14 May 1999, as amended. Holders or beneficial owners of the Securities that are resident and/or located in Italy can tender the Securities for purchase in the Offers through authorised persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with the Financial Services Act, CONSOB Regulation No. 20307 of 15 February 201816190 of 29 October 2007, as amended from time to time, and Legislative Decree No. 385 of 1 September 1993, as amended from time to time) and in compliance with any other applicable laws and regulations and with requirements imposed by CONSOB or any other Italian authority. Each intermediary must comply with applicable laws and regulations concerning information duties vis-à-vis its clients in connection with the Securities or the Offers.

United Kingdom.  This announcement and the Tender Offer Memorandum have been issued by Credit Suisse Securities (Europe) Limited (the Offeror) of One Cabot Square, London E14 4QJ, United Kingdom, which is authorised and regulated by the Financial Conduct Authority (the FCA) of 12 Endeavour Square, London E20 1JN, United Kingdom.  This announcement and the Tender Offer Memorandum are being distributed only to existing holders of the Securities, and are only addressed to such existing Holders in the United Kingdom where they would (if they were clients of the Offeror) be per se professional clients or per se eligible counterparties of the Offeror within the meaning of the FCA rules.  Neither this announcement nor the Tender Offer Memorandum is addressed to or directed at any persons who would be retail clients within the meaning of the FCA rules and any such persons should not act or rely on this announcement or the Tender Offer Memorandum.  Recipients of this announcement or the Tender Offer Memorandum should note that the Offeror is acting on its own account in relation to the Offers and will not be responsible to any other person for providing the protections which would be afforded to clients of the Offeror or for providing advice in relation to the Offers.

The communication of this announcement, the Tender Offer Memorandum and any other documents or materials relating to the Offers are not being made and such documents and/or materials have not been approved by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000.  Accordingly, this announcement, the Tender Offer Memorandum and such other documents and/or materials are not being distributed to, and must not be passed on to the general public in the United Kingdom, and the communication of such documents and/or materials as a financial promotion is only being made to (i) persons who are outside the United Kingdom, (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the Financial Promotion Order), (iii) persons falling within Article 43(2) of the Financial Promotion Order, or (iv) other persons to whom it may lawfully be communicated.

France.  The Offers are not being made, directly or indirectly, to the public in the Republic of France (France). This announcement, the Tender Offer Memorandum and any other document or material relating to the Offers have only been and shall only be distributed in France to qualified investors as defined in Article 2(e) of Regulation (EU) 2017/1129. Neither this announcement nor the Tender Offer Memorandum have been or will be submitted for clearance to or approved by the Autorité des Marchés Financiers.

SOURCE Credit Suisse International

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