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MSDW Structured Asset SATURNS 2002-07, 7.875% DPL Capital Trust II
Ticker Symbol: MJY* CUSIP: 80410E204 Exchange: NYSE
* NOTE: This security is no longer trading as of 2/22/2011
Security has been Called for: Tuesday, February 22, 2011
January 28, 2011 -- Structured Asset Trust Unit Repackagings (SATURNS), DPL Capital Security Backed Series 2002-7 Trust (New York Stock Exchange Ticker Symbol “MJY”), announced today that it has received a notice of exercise notifying the Trust of the intended exercise of 100% of the outstanding Call Options representing the right to acquire 25,000 principal amount of the Bonds (which represents 100% of the Bonds held by the Trust), at a price equal to 100% of the principal amount of such Bonds plus accrued interest for settlement on February 22, 2011. Under the terms of the Call Options, the exercise of the Call Options may be rescinded prior to the Intended Settlement Date, in which case settlement of the relevant Call Options would not occur and the Call Options would continue in effect and could be exercised on a subsequent date. If settlement of the Call Options occurs pursuant to the notice of exercise on the Intended Settlement Date, then Class A Unitholders will receive the par value plus accrued interest of each Class A Unit and Class B Unitholders will receive accrued interest plus the present value of the Class B Unit Interest 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: MSDW Structured Asset Corp., Structured Asset Trust Unit Repackagings (SATURNS), DPL Capital Security Backed, Series 2002-7, 7.875% Class A Callable Units, issued in $25 denominations. Underlying securities are the 8.125% trust preferred capital securities due 9/01/2031 issued by DPL Capital Trust II, and guaranteed by DPL Inc. (NYSE: DPL). Distributions of 7.875% ($1.96875) per annum are paid semi-annually on 3/1 & 9/1 to holders of record on 2/15 & 8/15 respectively. On or after 7/09/2007 the units may be redeemed under the call rights of the swap agreement for $25 plus accrued and unpaid dividends. If redeemed prior to 7/09/2007 the holders may receive an additional amount of up to $2.50 per unit (which includes any make-whole payment). 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 8.125% Junior Subordinated Deferrable Interest Debentures due 9/01/2031 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 BBB- by S&P and Baa2 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 (DPL)
IPO - 7/1/2002 - 1.00 Million Units @ $25.00/unit.
Link to IPO Prospectus
Market Value $23.4 Million
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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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