Obligation Credit Suisse (USA) Inc 5.125% ( US22541LAM54 ) en USD

Credit Suisse (USA) Inc

100 % ⇌

Etas-Unis

US22541LAM54 ( en USD )

5.125% par an ( paiement semestriel )

15/01/2014 - Obligation échue

Prospectus brochure de l'obligation Credit Suisse (USA) Inc US22541LAM54 en USD 5.125%, échue

1 000 USD

1 000 000 000 USD

22541LAM5

NR

NR

Credit Suisse (USA) Inc. est une filiale américaine de Credit Suisse Group AG, offrant des services bancaires d'investissement, de gestion de fortune et de marchés des capitaux aux clients institutionnels et aux particuliers fortunés aux États-Unis.

L'Obligation émise par Credit Suisse (USA) Inc ( Etas-Unis ) , en USD, avec le code ISIN US22541LAM54, paye un coupon de 5.125% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 15/01/2014

L'Obligation émise par Credit Suisse (USA) Inc ( Etas-Unis ) , en USD, avec le code ISIN US22541LAM54, a été notée NR par l'agence de notation Moody's.

L'Obligation émise par Credit Suisse (USA) Inc ( Etas-Unis ) , en USD, avec le code ISIN US22541LAM54, a été notée NR par l'agence de notation Standard & Poor's ( S&P ).

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424B2 1 a2126037z424b2.htm 424B2
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Filed Pursuant to Rule 424(b)(2)
Registration No. 333-86720
PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED APRIL 29, 2002
$1,000,000,000
Credit Suisse First Boston (USA), Inc.
51/8% Notes due January 15, 2014
We will pay interest on the notes each January 15 and July 15. The first interest payment will be made on
July 15, 2004.
We may redeem the notes upon the occurrence of certain tax events at their principal amount plus accrued
interest. There is no sinking fund for the notes.
The notes will not be listed.
Underwriting
Price to
Proceeds to the
Discounts and

Public (1)

Company (1)
Commissions
Per Note

99.612%

.45%

99.162%
Total
$996,120,000
$4,500,000 $991,620,000
(1)
Plus accrued interest, if any, from January 9, 2004.
Delivery of the notes in book-entry form only will be made through The Depository Trust Company on or
about January 9, 2004. You may elect to hold interests in the notes through Clearstream, Luxembourg and
Euroclear.
Neither the Securities and Exchange Commission nor any state securities commission has approved or
disapproved of these securities or determined if this prospectus supplement or the prospectus to which it relates is
truthful or complete. Any representation to the contrary is a criminal offense.
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Credit Suisse First Boston
Banc of America Securities LLC

Banc One Capital Markets, Inc.
Comerica Securities

Danske Markets
HSBC

JPMorgan
McDonald Investments Inc.

Mellon Financial Markets, LLC
Piper Jaffray & Co.

Wells Fargo Brokerage Services, LLC
Trilon International Inc.

The Williams Capital Group, L.P.
The date of this prospectus supplement is January 6, 2004.
TABLE OF CONTENTS
Prospectus Supplement

Page
CREDIT SUISSE FIRST BOSTON (USA), INC.

S-3
RATIO OF EARNINGS TO FIXED CHARGES

S-3
SELECTED HISTORICAL CONSOLIDATED FINANCIAL INFORMATION

S-4
USE OF PROCEEDS

S-5
CAPITALIZATION

S-6
DESCRIPTION OF NOTES

S-7
CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS

S-13
EUROPEAN UNION DIRECTIVE ON TAXATION OF CERTAIN INTEREST PAYMENTS

S-14
UNDERWRITING

S-15
NOTICE TO CANADIAN RESIDENTS

S-19
ERISA

S-20
INCORPORATION BY REFERENCE

S-20

Prospectus

Page
ABOUT THIS PROSPECTUS

2
WHERE YOU CAN FIND MORE INFORMATION

2
FORWARD-LOOKING STATEMENTS

3
USE OF PROCEEDS

3
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RATIO OF EARNINGS TO FIXED CHARGES

3
CREDIT SUISSE FIRST

BOSTON (USA), INC.
4
DESCRIPTION OF DEBT SECURITIES

5
DESCRIPTION OF WARRANTS

12
ERISA

14
PLAN OF DISTRIBUTION

15
LEGAL MATTERS

16
EXPERTS

16
You should rely only on the information contained in this document or to which we referred you. We
have not authorized anyone to provide you with information that is different. This document may only be
used where it is legal to sell these securities. The information in this document may only be accurate on the
date of this document.
We are offering the notes globally for sale in those jurisdictions in the United States, Europe, Asia and
elsewhere where it is lawful to make such offers. The distribution of this prospectus supplement and the
accompanying prospectus and the offering of the notes in some jurisdictions may be restricted by law. If you
possess this prospectus supplement and the accompanying prospectus, you should find out about and observe
these restrictions. This prospectus supplement and the accompanying prospectus are not an offer to sell these
securities and are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not
permitted or where the person making the offer or sale is not qualified to do so or to any person to whom it is not
permitted to make such offer or sale. We refer you to "Underwriting" beginning on page S-15 of this prospectus
supplement.
In this prospectus supplement and accompanying prospectus, unless otherwise specified or the context
otherwise requires, references to "we", "us" and "our" are to Credit Suisse First Boston (USA), Inc. and its
consolidated subsidiaries, and references to "dollars" and "$" are to United States dollars.
S-2
CREDIT SUISSE FIRST BOSTON (USA), INC.
We are a leading integrated investment bank serving institutional, corporate, government and high-net-worth
individual clients. We are the product of a business combination. On November 3, 2000, Credit Suisse Group, or
CSG, acquired Donaldson, Lufkin & Jenrette, Inc., or DLJ. CSG is a global financial services company providing
a broad range of products and services that include securities underwriting, sales and trading, investment
banking, financial advisory services, private equity investments, full service brokerage services, derivatives and
risk management products and research. Credit Suisse First Boston Corporation (now Credit Suisse First Boston
LLC), CSG's principal U.S. registered broker-dealer subsidiary, became a subsidiary of DLJ, and DLJ changed
its name to Credit Suisse First Boston (USA), Inc. We are now part of the Credit Suisse First Boston business
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unit, or CSFB, of CSG.
For further information about our company, we refer you to the accompanying prospectus and the
documents referred to under "Incorporation by Reference" on page S-20 of this prospectus supplement and
"Where You Can Find More Information" on page 2 of the accompanying prospectus.
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratios of earnings to fixed charges for the periods indicated.

Year Ended December 31,

Nine Months
Ended
September 30,
2002
2001
2000
1999
1998

2003

Ratio of earnings to fixed charges(1)

1.14
0.91(2)
0.96(3)
0.73(4)
1.18 1.13
(1)
For the purpose of calculating the ratio of earnings to fixed charges, (a) earnings consist of income before
the provision for income taxes and fixed charges and (b) fixed charges consist of interest expenses and
one-third of rental expense, which is deemed representative of an interest factor.
(2)
The dollar amount of the deficiency in the ratio of earnings to fixed charges was $471 million for the year
ended December 31, 2002.
(3)
The dollar amount of the deficiency in the ratio of earnings to fixed charges was $360 million for the year
ended December 31, 2001.
(4)
The dollar amount of the deficiency in the ratio of earnings to fixed charges was $1.8 billion for the year
ended December 31, 2000.
S-3
SELECTED HISTORICAL CONSOLIDATED FINANCIAL INFORMATION
We are providing or incorporating by reference in this prospectus supplement selected historical financial
information of Credit Suisse First Boston (USA), Inc. We derived this information from the consolidated
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financial statements of Credit Suisse First Boston (USA), Inc. for each of the periods presented. The information
is only a summary and should be read together with the detailed information and financial statements included in
the documents referred to under "Incorporation by Reference" on page S-20 of this prospectus supplement and
"Where You Can Find More Information" on page 2 of the accompanying prospectus.
Our interim consolidated statement of operations data and statement of financial condition data as of and for
the nine months ended September 30, 2003 and 2002 are unaudited and include, in our opinion, all adjustments,
consisting of normal recurring adjustments, necessary for a fair presentation of the results for the unaudited
periods. You should not rely on interim results as being indicative of results we may expect for the full year.
As of and for
the nine
As of and for the year ended December 31,

months ended

September 30,
2003
2002
2002
2001
2000
1999
1998

(unaudited)
(in millions)

Selected Consolidated
Statement of Operations
Data(1)(2)(3):

Revenues:

Total net revenues
$
3,744
$
4,245 $
5,739 $
6,531 $
4,768 $
4,561 $
3,273
Total expenses

3,271

3,839
5,430
6,886
6,636
3,821
2,794
Income (loss) from
continuing operations before
provision (benefit) for
income taxes, discontinued
operations, extraordinary
items and cumulative effect
of a change in accounting
principle(2)

473

406
309
(355)
(1,868)
740
479
Net income (loss)

1,220(4)
329
261
(144)
(1,076)
601
371

Selected Consolidated
Statement of Financial
Condition Data(1)(2)(3):

Total assets
$ 240,989
$ 234,525 $ 236,385 $ 217,386 $ 212,219 $ 109,012 $ 72,226
Long-term borrowings

24,016

23,521
23,094
15,663
11,258
5,160
3,482
Redeemable trust securities

--

--
--
--
200
200
200
Total stockholders' equity

9,271

8,030
7,717
6,888
6,506
3,907
2,928
(1)
We are part of CSFB, but our results do not reflect the overall performance of CSFB or CSG. The
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consolidated statement of operations data and consolidated statement of financial condition data as of and
for the years ended December 31, 1999 and 1998 represent the data of DLJ. The consolidated statement
of operations data for the year ended December 31, 2000 represent the results of operations of only DLJ
for the period from January 1, 2000 to November 2, 2000 and both DLJ and Credit Suisse First Boston
LLC for the period from November 3, 2000 to December 31, 2000. The consolidated statement of
operations data for the nine months ended September 30, 2003 and 2002 and for the years ended
December 31, 2002 and December 31, 2001 represent the results of operations of both DLJ and Credit
Suisse First Boston LLC. The consolidated statement of financial condition data as of September 30,
2003 and 2002 and as of December 31, 2002, 2001 and 2000 represent the data of both DLJ and Credit
Suisse First Boston LLC. Due to the inclusion of Credit Suisse First Boston LLC data from November 3,
2000 through September 30, 2003, our financial statements that include such periods may not be fully
comparable with prior periods.
Prior year numbers have been changed to conform to current year presentation.
(2)
On May 1, 2003, we sold Pershing to The Bank of New York Company, Inc. and reported a pre-tax gain
of approximately $1.3 billion and an after-tax gain of $852 million in the second quarter of 2003. We
have
S-4
presented the assets and liabilities of Pershing as of December 31, 2002 as "Assets held for sale" and
"Liabilities held for sale" in our consolidated statements of financial condition. The operating results of
Pershing, including the gain on the sale, have been presented as "Discontinued operations" for all periods
presented in the consolidated statements of income. As a result, the selected consolidated financial
information may not be fully comparable between periods.
(3)
Commencing in the first quarter of 2003, the transfer of Credit Suisse First Boston Management LLC, or
Management LLC, is accounted for at historical cost in a manner similar to pooling-of-interest
accounting because Management LLC and we were under the common control of Credit Suisse First
Boston, Inc., an indirect wholly owned subsidiary of CSG, at the time of the transfer. The consolidated
statement of income data for the nine months ended September 30, 2003 and 2002 include the results of
operations of Management LLC. Such results of operations are not reflected in any other period. The
consolidated statement of financial condition data as of September 30, 2003 include the financial position
of Management LLC. The financial position of Management LLC is not reflected in any other period.
(4)
Net income (loss) includes the after-tax gain of $852 million from the sale of Pershing on May 1, 2003,
which gain is included in discontinued operations.
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USE OF PROCEEDS
The net proceeds from this offering will be $991,335,000, after deducting the underwriters' discount and
certain offering expenses. We intend to use the net proceeds for our general corporate purposes, which may
include the rationalization of our debt capital structure. We refer you to "Capitalization".
S-5
CAPITALIZATION
The table below shows our consolidated capitalization as of September 30, 2003. The "As Adjusted" column
reflects the issuance of the notes in this offering. Except as disclosed in this prospectus supplement, there has
been no material change in our capitalization since September 30, 2003. You should read this table along with
our consolidated financial statements, which are included in the documents incorporated by reference in this
prospectus supplement and the accompanying prospectus.
As of September 30,

2003

As
Actual

Adjusted
(in millions)

Debt:

Commercial paper and short-term borrowings
$
15,207 $
15,207

Long-term borrowings(1)(2)

24,016
25,016

Total long-term debt

24,016
25,016

Stockholders' Equity:

Common Stock $.10 par value (50,000 shares authorized;
1,100 shares issued and outstanding)(3)

--
--
Paid-in capital

7,604
7,604
Retained earnings

1,824
1,824
Accumulated other comprehensive income (loss)

(157)
(157)

Total stockholders' equity

9,271
9,271

Total capitalization
$
48,494 $
49,494
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(1)
Includes current portion of long-term borrowings of $2.1 billion.
(2)
Does not include the issuance of $1.0 billion of our 3.875% notes due 2009 on November 24, 2003 or the
issuance of $10 million of our 5-year contingent protection securities due 2008 on November 26, 2003.
(3)
All of such shares are owned by Credit Suisse First Boston, Inc., an indirect wholly owned subsidiary of
CSG.
S-6
DESCRIPTION OF NOTES
This description of the terms of the notes adds information to the description of the general terms and
provisions of debt securities in the accompanying prospectus. If this description differs in any way from the
description in the accompanying prospectus, you should rely on this description.
We will issue the notes under an indenture, dated as of June 1, 2001, between us and JPMorgan Chase Bank,
as trustee, which is more fully described in the accompanying prospectus under "Description of Debt Securities"
beginning on page 5 of the accompanying prospectus.
We may, without consent of the holders, increase the principal amount of the notes in the future, on the
same terms and conditions and with the same CUSIP number as the notes being offered hereby, as more fully
described in "--Further Issues" below.
The notes will be our unsecured obligations and will rank prior to all of our subordinated indebtedness and
on an equal basis with all of our other senior unsecured indebtedness.
We may redeem the notes upon the occurrence of certain tax events at their principal amount plus accrued
interest, as more fully described in "--Tax Redemption" below. There is no sinking fund for the notes. If not
redeemed earlier, the notes are due and payable at their principal amount on January 15, 2014.
The notes will not be listed.
General
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The notes are being issued in an aggregate principal amount of $1,000,000,000 and will mature on
January 15, 2014. The notes will be issued in the form of one or more fully registered global securities in
denominations of $1,000 or integral multiples of $1,000.
Interest
The notes will bear interest at the rate of 51/8% per annum and will mature on January 15, 2014. Interest on
the notes will begin to accrue on January 9, 2004. We will pay interest on the notes on January 15 and July 15 of
each year, beginning July 15, 2004, to the persons who are registered as the owners of the notes at the close of
business on the preceding January 1 and July 1, except that interest payable at maturity will be paid to the same
persons to whom principal of the notes is payable. Interest on the notes will be paid on the basis of a 360-day
year comprised of twelve 30-day months. If any day on which a payment is due is not a business day (which we
define below), then the holder of the note will not be entitled to payment of the amount due until the next
business day and will not be entitled to any additional principal, interest or other payment as a result of such
delay except as otherwise provided under "--Payment of Additional Amounts" beginning on page S-8 of this
prospectus supplement. "Business day" with respect to any place of payment means any day which is not a
Saturday, Sunday or any other day on which banking institutions in such place of payment are authorized or
obligated by law or regulation to close.
Tax Redemption
We may redeem the notes at our option at any time, in whole but not in part, on giving not less than 30 nor
more than 60 days' notice, at the principal amount of such notes, together with accrued interest to the date of
redemption, if we have or will become obligated to pay additional interest on the notes as described under "--
Payment of Additional Amounts" below as a result of any change in, or amendment to, the laws (or any
regulations or rulings promulgated thereunder) of the United States or any political subdivision or taxing
authority thereof or therein, or any change in the application or official interpretation of such laws, regulations or
rulings, which change or amendment becomes
S-7
effective on or after January 6, 2004, and such obligation cannot be avoided by our taking reasonable measures
available to us, provided that no such notice of redemption will be given earlier than 90 days prior to the earliest
date on which we would be obliged to pay such additional interest were a payment in respect of the notes then
due. Prior to the publication of any notice of redemption pursuant to this paragraph, we will deliver to the trustee
a certificate stating that we are entitled to effect such redemption and setting forth a statement of facts showing
that the conditions precedent to our right to redeem have occurred, and an opinion of independent counsel of
recognized standing to the effect that we have or will become obligated to pay such additional interest as a result
of such change or amendment.
Payment of Additional Amounts
We will, subject to the exceptions and limitations set forth below, pay additional amounts to the holder of a
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note that is a non-U.S. holder (which we define under the heading "--Certain United States Federal Income Tax
Considerations" beginning on page S-13 of this prospectus supplement) as may be necessary so that every net
payment on such note, after deduction or withholding for or on account of any present or future tax, assessment
or other governmental charge imposed upon or as a result of such payment by the United States (or any political
subdivision or taxing authority thereof or therein), will not be less than the amount provided in such note to be
then due and payable. However, we will not be required to make any such payment of additional amounts for or
on account of:
·
any tax, assessment or other governmental charge that would not have been imposed but for
(a) the existence of any present or former connection between such holder and the United States,
including, without limitation, such holder being or having been a citizen or resident thereof or
being or having been engaged in trade or business or present therein or having or having had a
permanent establishment therein or (b) such holder's past or present status as a personal holding
company, foreign personal holding company or private foundation or other tax-exempt
organization with respect to the United States or as a corporation that accumulates earnings to
avoid U.S. federal income tax;
·
any estate, inheritance, gift, sales, transfer or personal property tax or any similar tax, assessment
or other governmental charge;
·
any tax, assessment or other governmental charge that would not have been imposed but for the
presentation by the holder of a note for payment more than 15 days after the date on which such
payment became due and payable or on which payment thereof was duly provided for, whichever
occurs later;
·
any tax, assessment or other governmental charge that is payable otherwise than by deduction or
withholding from a payment on a note;
·
any tax, assessment or other governmental charge required to be deducted or withheld by any
paying agent from a payment on a note, if such payment can be made without such deduction or
withholding by any other paying agent;
·
any tax, assessment or other governmental charge that would not have been imposed but for a
failure to comply with any applicable certification, documentation, information or other reporting
requirement concerning the nationality, residence, identity or connection with the United States of
the holder or beneficial owner of a note if, without regard to any tax treaty, such compliance is
required by statute or regulation of the United States as a precondition to relief or exemption from
such tax, assessment or other governmental charge;
·
any tax, assessment or other governmental charge imposed on a holder of a note that actually or
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