Credit Suisse said today it will redeem four VelocityShares ETNs, including the VelocityShares 2x Platinum ETN (NYSEArca: LPLT).
The VelocityShares 2x Inverse Platinum ETN (NYSESArca: IPLT), VelocityShares Daily 3x Long Brent Crude ETN (NYSEArca: UOIL) and VelocityShares Daily 3x Inverse Brent Crude ETN (NYSEArca: DOIL) will also be redeemed, according to a statement issued Wednesday.
“Credit Suisse expects to deliver notice via The Depository Trust Company of the acceleration for early redemption of LPLT, IPLT, UOIL and DOIL no later than December 13, 2013. Investors will receive a cash payment per ETN equal to the arithmetic average of the closing indicative values of such ETNs during their respective accelerated valuation periods,” said the bank in the statement.
“The accelerated valuation periods in each case will be a period of five consecutive index business days, which is expected to be from December 17, 2013, to December 23, 2013. The acceleration date for each ETN is expected to be December 27, 2013, three business days after the last day of the respective valuation period. Accordingly, the last day of trading for each ETN will be December 26, 2013.”
None of the other VelocityShares ETNs are affected by Wednesday’s announcement.
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