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Structured Products CorTS II, Verizon Global Fund Notes, 6.125% Certificates
Ticker Symbol: HYA* CUSIP: 22082L207 Exchange: NYSE
* NOTE: This security is no longer trading as of 9/24/2010
Security has been Called for: Friday, September 24, 2010
September 13, 2010 -- 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 December 15, 2000, as supplemented by the Series Supplement Series 2003-4, dated as of December 23, 2003 by and between Structured Products Corporation and the Trustee. Capitalized terms used herein have the meanings set forth in the Trust Agreement. The Warrantholder has given notice to the Trustee that the Warrantholder is exercising 25,000 Call Warrants for the purchase of $25,000,000 principal amount of the Term Assets held by the Trust on Friday, September 24, 2010. 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) 1,000,000 of Class A Certificates issued by the Trust will be redeemed on the Redemption Date at a price of $25.00 per Class A Certificate plus accrued interest of $0.480642 per Class A Certificate to the Redemption Date and, (ii) 25,000 Class B2 Certificates will be redeemed on the Redemption Date after payment of the Warrant Class B2 Purchase Price of $186.819128 plus accrued and unpaid interest of $5.100694 per Class B2 Certificate to the Redemption Date. If the Certificates are redeemed, no interest will accrue on the 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 they 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. ____________ August 19th, 2010 -- 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 December 15, 2000, as supplemented by the Series Supplement Series 2003-4, dated as of December 23, 2003 by and between Structured Products Corporation and the Trustee. The Warrantholder has given notice to the Trustee that the Warrantholder is exercising 35,000 Call Warrants for the purchase of $35,000,000 principal amount of the Term Assets held by the Trust on Tuesday, August 31, 2010. 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) 1,400,000 Class A Certificates issued by the Trust will be redeemed on the Redemption Date at a price of $25.00 per Class A Certificate plus accrued interest of $0.382813 per Class A Certificate to the Redemption Date and, (ii) 35,000 Class B2 Certificates will be redeemed on the Redemption Date after payment of the Warrant Class B2 Purchase Price of $187.134728 plus accrued and unpaid interest of $4.062500 per Class B2 Certificate to the Redemption Date. 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) no Certificates issued by the Trust will be redeemed and they 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., 6.125% CorTS (Corporate-Backed Trust Securities) Class A Certificates, principal amount $25 per certificate, issued by CorTS Trust II for Verizon Global Funding Notes, the Trust. The underlying securities are the 7.75% Notes due 12/01/2030 issued by Verizon Global Funding Corp., a subsidiary of Verizon Communications Inc. (NYSE: VZ). The CorTS certificates will pay 6.125% ($1.53125) per annum interest semiannually on 6/1 & 12/1 to holders of record on the day immediately prior to the payment date. The CorTS certificates are redeemable on or after 12/23/2008 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 A2 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 (VZ)
IPO - 12/23/2003 - 2.40 Million Certificates @ $25.00/cert.
Link to IPO Prospectus
Market Value $60.0 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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