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Structured Products CorTS II, Provident Financing Trust I, 8.20% Certificates
Ticker Symbol: KCC* CUSIP: 22081B200 Exchange: NYSE
* NOTE: This security is no longer trading as of 2/13/2017
Security has been Called for: Monday, February 13, 2017
Conditional Notice of Full Call Warrant Exercise on Term Assets of CorTS Trust II for Provident Financing Trust I. CorTS Trust II for Provident Financing Trust I, Class A CUSIP: 22081B200. January 31, 2017 -- 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 CorTS Supplement 2001-9, dated as of March 21, 2001 by and between Structured Products Corporation and the Trustee. 7.405% Capital Securities due March 15, 2038. CUSIP No. 743863AA0 issued by Provident Financing Trust I. On January 30, 2017 the Warrantholder sent a notice of intent to exercise the remaining 3,901 of the CorTS Trust II for Provident Financing Trust I Call Warrants. Pursuant to the notice of intent, the Warrantholder agrees to purchase $3,901,000 of the Term Assets, and agrees to make payment equal to 100% of the principal amount of the Term Assets being purchased pursuant to the exercise of the Call Warrants plus accrued and unpaid interest thereon to and including the Warrant Exercise Date, determined to be Monday, February 13, 2017. 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 140,907 Class A Certificates issued by the Trust will be redeemed on the Redemption Date at a price of (i) $25.00 per Class A Certificate plus (ii) an additional payment of approximately $2.68396 per Class A Certificate plus (iii) accrued interest of $0.84278 per Class A Certificate to 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 will continue to accrue distributions as if no exercise notice had been given and (ii) the Call Warrantholder may elect to deliver a partial or full conditional notice of exercise in the future. ____________ 4/14/2014 -- Conditional Notice of Partial Call Warrant Exercise on Term Assets of CorTS Trust II for Provident Financing Trust I,
Class A CUSIP: 22081B200. 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 CorTS Supplement 2001-9, dated as of March 21, 2001 by and between Structured Products Corporation and the Trustee. 7.405% Capital Securities due March 15, 2038 CUSIP No. 743863AA0 issued by Provident Financing Trust I. On April 14, 2014 the Warrantholder gave a notice of intent to exercise 20,000 of the CorTS Trust II for Provident Financing Trust I Call Warrants. Pursuant to the notice of intent, the Warrantholder agrees to purchase $20,000,000 principal amount of the Term Assets, and agrees to make payment equal to 100% of the principal amount of the Term Assets being purchased pursuant to the exercise of the Call Warrants plus accrued and unpaid interest thereon to and including the Warrant Exercise Date, determined to be Thursday, May 1, 2014. 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 722,440 Class A Certificates issued by the Trust will be redeemed on the Redemption Date at a price of (i) $25.00 per Class A Certificate plus (ii) an additional payment of approximately $2.68396 per Class A Certificate plus (iii) accrued interest of $.26194 per Class A Certificate to the Redemption Date. If the Trustee does not receive the Warrant Exercise Purchase Price, then (i) the Call Warrant will be not exercised and (ii) the Certificates issued by the Trust will not be redeemed and will continue to accrue distributions as if no exercise notice had been given. The Call 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. ____________ March 13, 2014 -- 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 CorTS Supplement 2001-9, dated as of March 21, 2001 by and between Structured Products Corporation and the Trustee. The assets of the Trust include the following securities: 7.405% Capital Securities due March 15, 2038 CUSIP No. 743863AA0 issued by Provident Financing Trust I. On March 13, 2014 the Warrantholder gave a notice of intent to exercise 10,000 of the CorTS Trust II for Provident Financing Trust I Call Warrants. Pursuant to the notice of intent, the Warrantholder agrees to purchase $10,000,000 principal amount of the Term Assets, and agrees to make payment equal to 100% of the principal amount of the Term Assets being purchased pursuant to the exercise of the Call Warrants plus accrued and unpaid interest thereon to and including the Warrant Exercise Date, determined to be Wednesday, April 2, 2014. 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 361,220 Class A Certificates issued by the Trust will be redeemed on the Redemption Date at a price of (i) $25.00 per Class A Certificate plus (ii) an additional payment of approximately $2.68396 per Class A Certificate plus (iii) accrued interest of $0.09681 per Class A Certificate to the Redemption Date. If the Trustee does not receive the Warrant Exercise Purchase Price, then (i) the Call Warrant will be not exercised and (ii) the Certificates issued by the Trust will not be redeemed and will continue to accrue distributions as if no exercise notice had been given. The Call 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 ____________ On April 18, 2013 the Warrantholder gave a notice of intent to exercise 62,960 of the CorTS Trust II for Provident Financing Trust I Call Warrants. Pursuant to the notice of intent, the Warrantholder agrees to purchase $62,960,000 principal amount of the Term Assets, and agrees to make payment equal to 100% of the principal amount of the Term Assets being purchased pursuant to the exercise of the Call Warrants plus accrued and unpaid interest thereon to and including the Warrant Exercise Date, determined to be Thursday, May 9, 2013. 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 2,274,241 Class A Certificates issued by the Trust will be redeemed on the Redemption Date at a price of (i) $25.00 per Class A Certificate plus (ii) an additional payment of $2.68396 per Class A Certificate plus (iii) accrued interest of $0.3075 per Class A Certificate to the Redemption Date. If the Trustee does not receive the Warrant Exercise Purchase Price, then (i) the Call Warrant will be not exercised and (ii) the Certificates issued by the Trust will not be redeemed and will continue to accrue distributions as if no exercise notice had been given. The Call 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., 8.20% CorTS (Corporate-Backed Trust Securities) Certificates, principal amount $25 per certificate, issued by CorTS Trust II for Provident Financing Trust I, the Trust. The underlying securities of the CorTS trust are the 7.405% Capital Securities due 3/15/2038 issued by Provident Financing Trust I and guaranteed by Provident Cos. Inc., now UnumProvident Corp. (NYSE: UNM). The assets of the underlying capital securities trust are the 7.405% Junior Subordinated Deferrable Interest Debentures, Series A due 3/15/2038 which were purchased from Provident Cos. Inc., now UnumProvident Corp. using the funds from the sale of the Capital Securities. The CorTS certificates will pay 8.20% ($2.05) distributions semiannually on 3/15 & 9/15 to holders of record on the day immediately prior to the payment date. The CorTS certificates are redeemable under the call warrants on or after 3/21/2006 at $25 per share plus an additional payment of $2.68 plus accrued and unpaid dividends. The issuer has the right, at any time, to defer interest payments for up to 10 consecutive semiannual periods (but not beyond the maturity date). The certificates must be rated at least Baa2 by Moody's and BBB by S&P to be issued. 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. 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 (UNM)
IPO - 3/23/2001 - 3.50 Million Certificates @ $25.00/cert.
Link to IPO Prospectus
Market Value $89.2 Million
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| Address: 388 Greenwich Street, New York, NY 10013 |
| Main Phone Number |
212-816-7496 |
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