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Structured Products CorTS V, IBM Debentures, 6.40% Certificates
Ticker Symbol: HZD* CUSIP: 12618Y203 Exchange: NYSE
* NOTE: This security is no longer trading as of 6/23/2012
Security has been Called for: Monday, June 11, 2012
5/30/2012 Effective immediately, the 6.40% Corporate-Backed Trust Securities CorTS Callable Trust Certificates of STRUCTURED PRODUCTS CORP. shall be dealt in as called issues. This issue will be called for redemption on June 11, 2012 at $25.00 per share plus any accrued dividends/distributions. All orders for uncalled stocks (HZD) are cancelled. ____________ 26 May, 2012 -- U.S. Bank Trust National Association serves as trustee for the above-referenced Trust formed pursuant to the terms of the Base Trust Agreement dated as of September 19, 2006 as supplemented by the CorTS Supplement 2006-1 dated as of September 29, 2006 by and between Structured Products Corporation and the Trustee. Capitalized terms used herein have the meanings set forth in the Trust Agreement. The assets of the Trust include the following securities: $ 41,200,000 principal amount 7.125% Notes due December 1, 2096 CUSIP No. 459200AP6* issued by International Business Machines Corporation. The Warrantholder has given notice to the Trustee to exercise all Call Warrants for the purchase of all of the Term Assets held by the Trust, and agrees to make payment equal to the sum of the principal amount of the Term Assets being purchased pursuant to the exercise of the Call Warrants plus accrued and unpaid interest to and including the Warrant Exercise Date, determined to be Monday, June 11, 2012. THE EXERCISE OF THE CALL WARRANTS IS CONDITIONAL UPON RECEIPT BY THE TRUSTEE OF THE WARRANT EXERCISE PURCHASE PRICE ON THE WARRANT EXERCISE DATE. THERE CAN BE NO ASSURANCE THAT THE CALL WARRANTS WILL IN FACT BE EXERCISED ON THE WARRANT EXERCISE DATE. If the Trustee receives the Warrant Exercise Purchase Price by 11:00 a.m. (New York City time) on the Redemption Date, then (i) $41,200,000 Class A Certificates issued by the Trust will be redeemed in full on the Redemption Date at a price of $25.00 per Class A Certificate plus accrued interest of $0.0444444 per Class A Certificate to the Redemption Date and $0.201389 accrued interest plus the Warrant Class B Purchase Price of $112.727851 on the Class B Certificate to the Redemption Date. Further, with respect to IBM’s exchange offer announced May 21, 2012 related to their 7.125% Debentures due December 1, 2096, the Underlying Securities for the CorTS Callable Trust Certificates, CorTS Trust V for IBM Debentures, the Warrantholder has notified the Trustee that it does not consent to the exchange. If the Certificates are redeemed, no interest will accrue on such Certificates after the Redemption Date. If the Trustee does not receive the Warrant Exercise Purchase Price, then (i) the Certificates issued by the Trust will not be redeemed and will continue to accrue distributions as if no exercise notice had been given and (ii) the Warrantholder may elect to deliver a conditional notice of exercise in the future. This press release is being issued by U.S. Bank Trust National Association as trustee of the Trust. For more information about this conditional redemption, Holders with questions may contact Bondholder Services at (800) 934-6802.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Structured Products Corp., 6.40% CorTS (Corporate-Backed Trust Securities) Certificates, principal amount $25 per certificate, issued by CorTS Trust V for IBM Debentures, the Trust. The underlying securities are the 7.125% Debentures due 12/01/2096 issued by International Business Machines Corp. (NYSE: IBM). The CorTS certificates will pay 6.40% ($1.60) per annum interest semiannually on 6/1 & 12/1 to holders of record on the day immediately prior to the payment date. The CorTS are redeemable on or after 9/29/2011 under the call warrants at $25 per share plus accrued and unpaid interest. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. The certificates must be rated at least A1 by Moody's and A+ by S&P to be issued. See the IPO prospectus for further information on the CorTS Certificates by clicking on the ‘Link to IPO Prospectus’ provided below. Structured Products Corp. is an indirect, wholly-owned subsidiary of Citigroup Global Markets Holdings Inc., formerly Salomon Smith Barney Holdings, a member of Citigroup (NYSE: C).
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Go to Parent Company's Record (IBM)
IPO - 9/26/2006 - 1.65 Million Certificates @ $25.00/cert.
Link to IPO Prospectus
Market Value $41.2 Million
Company's Online Information Links
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Home Page: We know of no Home Page for this company. |
Company's Online SEC EDGAR Filings |
Address and Phone Numbers |
Address: 388 Greenwich Street, New York, NY 10013 |
Main Phone Number |
212-816-7496 |
Fax Number |
Not Available |
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