About Us Press Release
Credit Suisse AG Announces CME Term SOFR As Replacement Reference Rate for Its Outstanding U.S. Dollar LIBOR-Linked Debt Securities
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%.