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Lehman ABS Corp Bkd Trust Certs 2004-02, 6.75% Variable AT&T Notes
Ticker Symbol: JZE* CUSIP: 21988K297 Exchange: NYSE
* NOTE: This security is no longer trading as of 8/12/2010
Security has been Called for: Thursday, August 12, 2010
August 9, 2010) - U.S. Bank Trust National Association, as Trustee, under the Standard Terms for Trust Agreements dated as of January 16, 2001, as supplemented by the Series Supplement, AT&T Note-Backed Series 2004-2, dated as of January 21, 2004 in respect of the Corporate Backed Trust Certificates, AT&T Note-Backed Series 2004-2 Trust with Lehman ABS Corporation, as depositor, received notices that certain Call Warrants Holders have exercised their rights to purchase the assets of the Trust on August 12, 2010. THE EXERCISE OF THE CALL WARRANTS IS CONDITIONAL UPON RECEIPT BY THE TRUSTEE OF THE WARRANT EXERCISE CALL PRICE WITH RESPECT TO SUCH EXERCISE ON THE REDEMPTION DATE. THERE CAN BE NO ASSURANCE THAT THE CALL WARRANTS WILL IN FACT BE EXERCISED ON THE REDEMPTION DATE. If the Trustee receives the call price by 10:00 a.m. (New York City time) on the Redemption Date, then the certificates issued by the Trust (the "Certificates") will be redeemed in full on the Redemption Date at a price of $25 principal plus $0.3625000 accrued interest to the Redemption Date per Class A-1 Certificate and $203.79586740 interest per $1,000 stated notional amount Class A-2 Certificate. The Class A-2 Certificates are interest-only Certificates and will not receive payment of principal. No interest will accrue on the Certificates after the Redemption Date. If the Trustee does not receive the Call Price, then (i) the Certificates issued by the Trust will continue to accrue interest as if no exercise notice had been given and (ii) the call warrant holders 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. ____________ The interest rate on the Class A-1 Certificates will be increased by 0.25% for each rating notch downgrade of the Underlying Securities by either S&P or Moody's and such interest rate will be decreased by 0.25% for each rating notch upgrade of the Underlying Securities by either S&P or Moody's, but in no event will the interest rate be reduced below 6.00%. The initial Interest Rate listed above assumes that the interest rate on the Underlying Securities will be 8.75% as of the Closing Date.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Lehman ABS Corp., 6.75% Corporate Backed Trust Certificates, AT&T Note-Backed Series 2004-1, Class A-1, price to the public $25 per certificate. Underlying securities are the 8.00% Senior Notes due 11/15/2031 issued by AT&T Corp., now part of AT&T Inc. (NYSE: T). The certificates initially pay 6.75% ($1.6875) per annum distributions semiannually on 5/15 & 11/15 to holders of record on the day immediately preceding 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. Certificates are callable at the option of the call warrant holder on or after 1/21/2009 at $25 per certificate plus accrued and unpaid interest. Certificate ratings at the IPO were BBB by S&P and Baa2 by Moody's. Lehman ABS Corp. is an indirect wholly-owned subsidiary of Lehman Brothers Inc. (NYSE: LEH). For further information on the Corporate Backed 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 (T)
IPO - 1/20/2004 - 2.00 Million Certificates @ $25.00/cert.
Link to IPO Prospectus
Market Value $50.0 Million
Company's Online Information Links
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HOME PAGE:
http://www.lehman.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: 200 Vesey Street, 24th Floor, New York, NY 10285 |
Main Phone Number |
212-526-7000 |
Fax Number |
212-526-3738 |
Toll Free Phone Number |
800-666-2388 |
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