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MS Structured Asset SATURNS 2002-14, 6% GE Capital Corp. due 3/15/2032
Ticker Symbol: DKC* CUSIP: 80410Y200 Exchange: NYSE
* NOTE: This security is no longer trading as of 4/25/2011
Security has been Called for: Monday, April 25, 2011
April 8, 2011 -- Structured Asset Trust Unit Repackagings (SATURNS), General Electric Capital Corporation Debenture Backed Series 2002-14 Trust (New York Stock Exchange Ticker Symbol “DKC”), 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 debentures (which represents 100% of the debentures held by the Trust), at a price equal to 100% of the principal amount of such debentures plus accrued interest for settlement on April 25, 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 Under the terms of the Call Options, the exercise of the Call Options may be rescinded prior to the Intended Settlement Date, in which case settlement of the relevant Call Options would not occur and the Call Options would continue in effect and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: MS Structured Asset Corp., SATURNS (Structured Asset Trust Unit Repackagings), General Electric Capital Corp. Debenture Backed, Series 2002-14, 6.00% Class A Callable Units, issued in $25 denominations. Underlying securities are the 6.75% Debentures due 3/15/2032 issued by General Electric Capital Corp., a wholly-owned subsidiary of General Electric Co. (NYSE: GE). The SATURNS are redeemable anytime at the issuer's option on 15 to 60 days notice at $25 plus accrued and unpaid interest. If redeemed prior to 11/14/2007 the holders may receive an additional amount of up to $2.50. Distributions are paid semi-annually on 3/15 & 9/15 to holders of record on 3/1 & 9/1. To be issued the units must be assigned a rating of at least AAA by S&P and Aaa 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. 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 (GE)
IPO - 11/13/2002 - 1.00 Million Units @ $25.00/unit.
Link to IPO Prospectus
Market Value $25.0 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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