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MS Structured Asset SATURNS 2003-11, 5.625% Goldman Sachs
Ticker Symbol: DKW* CUSIP: 804112209 Exchange: NYSE
* NOTE: This security is no longer trading as of 11/04/2010
Security has been Called for: Thursday, November 4, 2010
October 20, 2010 -- Structured Asset Trust Unit Repackagings (SATURNS), Goldman Sachs Group, Inc. Debenture Backed Series 2003-11 Trust (New York Stock Exchange Ticker Symbol “DKW”), announced today that it has received a Call Notice notifying the Trust of the intended exercise of 100% of the outstanding Warrants representing the right to acquire a combined Unit Principal Balance of 48,000,000 Class A Units and the equivalent Notional Amount of Class B Units for settlement on November 4, 2010. Under the terms of the Warrants, delivery of the notice does not give rise to an obligation on the part of the Warrantholder to pay the specified call price; and if by 4 p.m. New York time on the Business Day prior to the Intended Settlement Date the party exercising the Warrants has not paid the required call price, the Call Notice will be effectively rescinded, in which case settlement of the relevant Warrants would not occur and the Warrants would continue in effect and could be exercised on a subsequent date. If settlement of the Warrants occurs pursuant to the Call Notice on the Intended Settlement Date, then Class A Unitholders will receive the par value ($25) plus accrued interest of each Class A Unit and Class B Unitholders will receive accrued interest plus the Class B Present Value Amount in relation to each Class B Unit, each in an amount to be determined in accordance with the Trust Agreement.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: MS Structured Asset Corp., SATURNS (Structured Asset Trust Unit Repackagings), Goldman Sachs Group Inc. Debenture Backed, Series 2003-11, 5.625% Class A Callable Units, issued in $25 denominations. Underlying securities are the 6.125% Debentures due 2/15/2033 issued by The Goldman Sachs Group Inc. (NYSE: GS). Distributions of 5.625% ($1.40625) per annum are paid semi-annually on 2/15 & 8/15 to holders of record on the third business day prior to the payment date. On or after 7/31/2008 the units may be redeemed under the call warrants for $25 plus accrued and unpaid interest. To be issued the units must be assigned a rating of at least A+ by S&P and Aa3 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.
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Go to Parent Company's Record (GS)
IPO - 7/29/2003 - 1.92 Million Units @ $25.00/unit.
Link to IPO Prospectus
Market Value $48.0 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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