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Synthetic Fixed-Income Sec STRATS 2004-10, Float Rate DaimlerChrysler
Ticker Symbol: GJL* CUSIP: 86311U205 Exchange: NYSE
* NOTE: This security is no longer trading as of 12/07/2010
Security has been Called for: Tuesday, December 7, 2010
December 02, 2010 -- Synthetic Fixed-Income Securities, Inc. Announces Termination of STRATS(SM) Trust for DaimlerChrysler NA Holding Securities, Series 2004-10. CUSIP Number: 86311U205 (Ticker: GJL). 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 September 26, 2003, as supplemented by the Series Supplement Series 2004-10, dated as of August 6, 2004. STRATS Trust For DaimlerChrysler NA Holding Securities, Series 2004-10, as issuer of the STRATS Certificates, Series 2004-10, CUSIP # 86311U205 and New York Stock Exchange Symbol GJL, announced that an SEC Reporting Failure (as defined in the Trust Agreement with respect to the Trust) has occurred due to Daimler AG, which is the guarantor of the Underlying Securities held by the Trust, having terminated its obligations to file periodic reports under the Securities Exchange Act of 1934. Because an SEC Reporting Failure under the Trust Agreement occurred, the Trust will terminate following liquidation of the assets of the Trust. The assets of the Trust consist of $680,000 aggregate principal amount of 6.50% Notes due November 15, 2013 issued by DaimlerChrysler North America Holding Corporation and the rights of the Trust under a Swap Agreement to which the Trust is a party. On December 1, 2010, bids were solicited for the Underlying Securities in accordance with the Trust Agreement, and the Swap Agreement was terminated in accordance with its terms. The proceeds from the sale of the Underlying Securities will be distributed in accordance with the Trust Agreement, first to the Swap Counterparty in satisfaction of the termination payment owed by the Trust to the Counterparty in connection with the termination of the Swap Agreement, and second to holders of the Certificates in liquidation of and as payment in full on the Certificates. The net proceeds to be distributed per Certificate are expected to be $26.033314 ($25.00 per Certificate, plus $.99163 premium and $.043151 accrued interest per Certificate). The final distribution to Certificate holders is expected to be made on Tuesday, December 7, 2010. Following the distribution, the Trust will terminate and the Certificates will be canceled.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Synthetic Fixed-Income Securities Inc., Floating Rate STRATS (Structured Repackaged Asset-Backed Trust Securities) Certificates, Series 2004-10, Class A-1 Certificates, STRATS Trust for DaimlerChrysler NA Holding, price to the public $25 per certificate. The underlying securities are the 6.50% Notes due 11/15/2013 issued by DaimlerChrysler North American Holding Corp., a subsidiary of DaimlerChrysler AG (NYSE: DCX). The certificates pay floating rate distributions monthly on the 15th of each month to holders of record on the business day immediately preceding the payment date. The floating interest rate of the certificates will adjust for each distribution date and will be equal to the weekly average of the three month Treasury Bill rates plus 1.25% with a minimum interest rate of 3% and a maximum rate of 6.75%. The underlying notes are subject to early redemption if the underlying security issuer ceases to or fails to file periodic reports with the SEC. Certificate ratings at the IPO were BBB (negative outlook) by S&P. Synthetic Fixed-Income Securities, Inc. is a wholly-owned subsidiary of Wachovia Corporation. For further information on the STRATS Trust Certificates, see the IPO Prospectus by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (DAI)
IPO - 8/5/2004 - 1.00 Million Certificates @ $25.00/cert.
Link to IPO Prospectus
Market Value $25.0 Million
Company's Online Information Links
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HOME PAGE:
http://www.wellsfargo.com/
(This parent company URL is for reference only and does not have specific information on the security.)
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Company's Online SEC EDGAR Filings |
Address and Phone Numbers |
Address: Wells Fargo Securities, 375 Park Avenue, New York, NY 10152 |
Main Phone Number |
212-214-6277 |
Fax Number |
Not Available |
Investor Contact (President)
William Threadgill
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212-214-6277
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