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Structured Products CorTS III, IBM Debentures, 7.20% Certificates
Ticker Symbol: KRK* CUSIP: 22081Q207 Exchange: NYSE
* NOTE: This security is no longer trading as of 11/16/2006
Security has been Called for: Thursday, November 16, 2006
November 1, 2006 -- U.S. Bank Trust National Association, as Trustee, under the Base Trust Agreement dated as of December 15, 2000, as supplemented by the CorTS Supplement 2001-22 dated as of May 9, 2001, with Structured Products Corp. and the Trustee, has received notice that the Call Warrant Holder has exercised its right to purchase the term assets of the trust on November 16, 2006 (the "Redemption Date). THE EXERCISE OF THE CALL WARRANTS IS CONDITIONAL UPON RECEIPT BY THE TRUSTEE OF THE WARRANT EXERCISE PURCHASE PRICE WITH RESPECT TO SUCH EXERCISE ON THE REDEMPTION DATE. THERE CAN BE NO ASSURANCE THAT THE CALL WARRANTS WILL IN FACT BE EXERCISED ON THE REDEMPTION DATE. If the Trustee receives the Warrant Exercise Purchase Price by 11:00 a.m. (New York City time) on the Redemption Date, then the Certificates issued by the CorTS Trust III for IBM Debentures will be redeemed in full on the Redemption Date at a price of $25 per Certificate plus $0.825000 accrued interest to the Redemption Date per Certificate. No interest will accrue on the Certificates after the Redemption Date. If the Trustee does not receive the Warrant Exercise Purchase Price, then (i) Certificates issued by the CorTS Trust III for IBM Debentures will continue to accrue distributions as if no exercise notice had been given and (ii) the Call Warrant Holder 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 these redemptions, please contact Janet O'Hara of U.S. Bank Trust National Association at 212-361-2527.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Structured Products Corp., 7.20% CorTS (Corporate-Backed Trust Securities) Certificates, principal amount $25 per certificate, issued by CorTS Trust III 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 7.20% ($1.80) 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 5/09/2006 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 - 5/14/2001 - 3.78 Million Certificates @ $25.00/cert.
Link to IPO Prospectus
Market Value $97.1 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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