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MSDW Structured Asset SATURNS 2002-06, 7.125% JPMorgan Chase
Ticker Symbol: MJX* CUSIP: 80409S206 Exchange: NYSE
* NOTE: This security is no longer trading as of 2/20/2007
Security has been Called for: Tuesday, February 20, 2007
February 13, 2007 -- Structured Asset Trust Unit Repackagings (SATURNS), JPM Capital Security-Backed Series 2002-6 Trust (New York Stock Exchange Ticker Symbol "MJX"), announced today that a "Trust Wind Up Event" has occurred under the terms of the Trust Agreement governing the Trust and that the Trust will liquidate its assets and terminate. Settlement of a sale of the securities held by the Trust is expected to occur and a liquidation distribution is expected to be made with respect to the Units of the Trust on or about February 20, 2007. The Trust Wind Up Event and requirement for termination of the Trust arose after JPM Capital Trust announced that it will fully redeem all of the underlying securities, including those held by the Trust, on February 20, 2007. On February 13, 2007, in response to the redemption notice by JPM Capital, the Swap Counterparty for the Trust notified the Trust of its intent to exercise its call option representing its right to call all of the underlying securities owned by the Trust. Under the Swap Agreement, the Swap Counterparty will pay an amount equal to (i) the Unit Principal Balance of the Class A Units, (ii) accrued interest on the Class A Units and (iii) accrued interest on the Class B Units. Contact: LaSalle Bank National Association
Andy Streepey, ABS Trust Services, 312-904-9387
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QUANTUMONLINE.COM SECURITY DESCRIPTION: MS Structured Asset Corp., Structured Asset Trust Unit Repackagings (SATURNS), JPMorgan Chase Capital Security Backed, Series 2002-6, 7.125% Class A Callable Units, issued in $25 denominations. Underlying securities are the 7.95% trust preferred capital securities due 2/01/2027 issued by JPM Capital Trust II, and guaranteed by JPMorgan Chase & Co. (NYSE: JPM). Distributions of 7.125% ($1.78125) per annum are paid semi-annually on 2/1 & 8/1 to holders of record on 1/15 & 7/15 respectively. On or after 2/01/2007 the units may be redeemed under the call rights of the swap agreement for $25 plus accrued and unpaid dividends. The security issuer has the right, at any time, to defer interest payments for up to 10 consecutive semi-annual periods (but not beyond the maturity date). The trust's assets consist of the 7.95% Junior Subordinated Deferrable Interest Debentures due 2/01/2027 which were purchased from the company using the funds generated from the sale of the trust preferred securities. To be issued the units must be assigned a rating of at least A by S&P and A1 by Moody's. 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. On 11/8/02 MSDW Structured Asset Corp. changed their name to MS Structured Asset Corp. See the IPO prospectus for further information on the SATURNS by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (JPM)
IPO - 6/14/2002 - 2.28 Million Units @ $25.00/unit.
Link to IPO Prospectus
Market Value $56.0 Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Address and Phone Numbers |
Address: 1585 Broadway, New York, NY 10036 |
Main Phone Number |
212-761-4000 |
Fax Number |
Not Available |
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