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MS Structured Asset SATURNS 2003-17, 7.125% Variable AT&T Corp.
Ticker Symbol: HJD* CUSIP: 80411H206 Exchange: NYSE
* NOTE: This security is no longer trading as of 2/08/2006
Security has been Called for: Wednesday, February 8, 2006
Feb. 2, 2006 -- Structured Asset Trust Unit Repackagings (SATURNS), AT&T Corp. Debenture Backed Series 2003-17 Trust (New York Stock Exchange Ticker Symbol "HJD"), announced today that a "Trust Wind Up Event" has occurred under the terms of the Trust Agreement governing the Trust and that the Trust will liquidate its assets and terminate. Settlement of a sale of the securities held by the Trust is expected to occur on February 8, 2006, and a liquidation distribution is expected to be made with respect to the Class A and Class B Units of the Trust on February 8, 2006. The Trust Wind Up Event and requirement for termination of the Trust arose after the merger of AT&T Corp. with SBC Communications Inc. (now known as AT&T Inc.), following which AT&T Corp. became a subsidiary of AT&T Inc. Thereafter, AT&T Corp. withdrew from listing on the New York Stock Exchange certain outstanding NYSE listed bonds of AT&T Corp. which had previously given rise to reporting obligations for AT&T Corp. under the Securities Exchange Act of 1934. AT&T Corp. subsequently terminated its reporting obligations under the Exchange Act, and it is the stated intention of the parent of AT&T Corp., AT&T Inc., not to provide financial reporting information in relation to AT&T Corp. As a result, the Depositor of the Trust would be unable to meet its Exchange Act reporting obligations in relation to the Trust, which circumstance constitutes a Trust Wind Up Event.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: MS Structured Asset Corp., SATURNS (Structured Asset Trust Unit Repackagings), AT&T Corp. Debenture Backed, Series 2003-17, 7.125% Class A Callable Units, issued in $25 denominations. Underlying securities are the 8.00% Debentures due 11/15/2031 issued by AT&T Corp., now part of AT&T Inc.(NYSE: T). Distributions of 7.125% ($1.78125) per annum are paid semi-annually on 5/15 & 11/15 to holders of record on the third business day prior to the payment date. The unit's distribution rate can be adjusted up or down based on changes in the credit ratings on the underlying securities. On or after 11/25/2008 the units may be redeemed under the call rights of the swap agreement for $25 plus accrued and unpaid interest. To be issued the units must be assigned a rating of at least BBB by S&P and Baa3 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. 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 (T)
IPO - 11/25/2003 - 1.20 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $30.0 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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