(News Bulletin 247) – Credit Suisse is taking decisive action to preemptively strengthen its liquidity by intending to exercise its option to borrow from the Swiss National Bank (SNB) up to 50 billion Swiss francs under a covered loan facility as well as a short-term liquidity facility, which are fully secured by high quality assets.
Credit Suisse is also announcing offers from Credit Suisse International to buy certain senior debt securities from OpCo for cash consideration of up to approximately CHF 3 billion.
Credit Suisse announces its intention to access the SNB’s covered loan facility as well as a short-term liquidity facility of up to approximately CHF 50 billion in total.
This additional liquidity would support Credit Suisse’s core businesses and clients.
Credit Suisse is also announcing today the launch of a cash tender offer for ten US dollar-denominated senior debt securities for an aggregate amount of up to $2.5 billion.
At the same time, Credit Suisse is also announcing a separate tender offer for four euro-denominated senior debt securities for an aggregate amount of up to €500 million.
CEO Ulrich Koerner said: ‘These steps demonstrate decisive action to strengthen Credit Suisse as we continue our strategic transformation to deliver value to our clients and other stakeholders. ‘
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