|
MS Structured Asset SATURNS 2003-05, 8.125% Ford Motor Deb
Ticker Symbol: DKL* CUSIP: 804085207 Exchange: NYSE
* NOTE: This security is no longer trading as of 10/14/2010
Security has been Called for: Thursday, October 14, 2010
September 29, 2010 -- Structured Asset Trust Unit Repackagings (SATURNS), Ford Motor Company Debenture Backed Series 2003-5 Trust (the “Trust”) (New York Stock Exchange Ticker Symbol “DKL”), announced today that it has received a notice of intent to exercise 41,000 Call Options representing the right to call $41,000,000 aggregate principal amount of the 7.45% Debentures of Ford Motor Company (the “Bonds”) held by the Trust, on October 14, 2010 (the “Intended Settlement Date”). The Call Options with respect to which the notice of intended exercise has been received represent 100% of the outstanding Bonds held by the Trust. Under the terms of the Call Options, the party exercising the Call Options may rescind its notice of exercise at any time prior to the Intended Settlement Date by providing notice of rescission to the Trust, in which case settlement of such Call Options would not occur and the Call Options would continue in effect and could be exercised on a subsequent date. If the notice of exercise is not rescinded and settlement of the Call Options actually occurs on the Intended Settlement Date, the Trust Agreement provides that all outstanding Units will be redeemed at par ($25.00) plus accrued interest from the available proceeds of the settlement of the Call Options. ____________ July 14, 2010 -- Structured Asset Trust Unit Repackagings (SATURNS), Ford Motor Company Debenture Backed Series 2003-5 Trust (New York Stock Exchange Ticker Symbol “DKL”), announced today that it has received a notice from Citadel Equity Fund Ltd. of its intended exercise of 41,000 Call Options representing the right to call $41,000,000 aggregate principal amount of the 7.45% Debentures of Ford Motor Company held by the Trust, on July 28, 2010. The Call Options with respect to which the notice of intended exercise has been received represent 50% of the outstanding Bonds held by the Trust. Under the terms of the Call Options, the party exercising the Call Options may rescind its notice of exercise at any time prior to the Intended Settlement Date by providing notice of rescission to the Trust, in which case settlement of such Call Options would not occur and the Call Options would continue in effect and could be exercised on a subsequent date. If the notice of exercise is not rescinded and settlement of the Call Options actually occurs on the Intended Settlement Date, the Trust is expected to receive a payment based on an exercise price of 91.498% of the face amount of the Bonds, exclusive of accrued interest. The Trust Agreement provides that Units will be randomly selected for redemption from the available proceeds of the settlement of the Call Options.
|
QUANTUMONLINE.COM SECURITY DESCRIPTION: MS Structured Asset Corp., SATURNS (Structured Asset Trust Unit Repackagings), Ford Motor Co. Debenture Backed, Series 2003-05, 8.125% Callable Units, issued in $25 denominations. Underlying securities are the 7.45% Debentures due 7/16/2031 issued by Ford Motor Co. (NYSE: F). The SATURNS may be redeemed in connection with a tax event or in connection with the exercise of call rights. On redemption, the issuer will not pay a make-whole amount in connection with a redemption in connection with a tax event. If redeemed prior to 3/14/2008 through a self tender by the issuer the holders will receive an additional amount of $1.50 per unit. On or after 3/14/2008, the units may be redeemed under the call rights of the swap agreement for $25 plus accrued and unpaid interest. Distributions of 8.125% ($2.03125) per annum are paid semi-annually on 1/16 & 7/16 to holders of record on the third business day prior to the payment date. To be issued the units must be assigned a rating of at least BBB by S&P and Baa3 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. MS Structured Asset Corp. is a subsidiary of Morgan Stanley (NYSE: MS). See the IPO prospectus for further information on the SATURNS by clicking on the ‘Link to IPO Prospectus’ provided below.
|
Go to Parent Company's Record (F)
IPO - 3/13/2003 - 3.00 Million Units @ $25.00/unit.
Link to IPO Prospectus
Market Value $75.0 Million
Company's Online Information Links
|
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 |
Find a problem? Please use our Feedback Page or Email us.
Have you filled out our Guestbook? If not, please do.
|
|