NEW YORK--(BUSINESS WIRE)--U.S. Bank Trust National Association serves as trustee (the “Trustee”) for the above-referenced Trust (the “Trust”) formed pursuant to the terms of the Base Trust Agreement dated as of December 15, 2000, as supplemented by the Series Supplement Series 2002-6, dated as of May 31, 2002 (collectively, the “Trust Agreement”) by and between Structured Products Corporation (the “Depositor”) and the Trustee. Capitalized terms used herein have the meanings set forth in the Trust Agreement.
The Warrantholder has given notice to the Trustee to exercise 30,000 Call Warrants for the purchase of $30,000,000 of the Term Assets held by the Trust, and agrees to make payment equal to the Warrant Exercise Purchase Price for the Term Assets being purchased pursuant to the exercise of the Call Warrants, which includes accrued and unpaid interest to and including the Warrant Exercise Date, determined to be February 14, 2011(the “Warrant Exercise Date” or “Redemption Date”).
THE EXERCISE OF THE CALL WARRANTS IS CONDITIONAL UPON RECEIPT BY THE TRUSTEE OF THE WARRANT EXERCISE PURCHASE PRICE ON THE WARRANT EXERCISE DATE. THERE CAN BE NO ASSURANCE THAT THE CALL WARRANTS WILL IN FACT BE EXERCISED ON THE WARRANT EXERCISE DATE.
If the Trustee receives the Warrant Exercise Purchase Price by 1:00 p.m. (New York City time) on the Redemption Date, then (i) 1,200,000 Class A Certificates issued by the Trust will be redeemed in full on the Redemption Date at a price of $25.00 per Class A Certificate plus accrued interest of $0.231423 per Class A Certificate to the Redemption Date and (ii) $30,000,000 notional value of Class B Certificates will be redeemed in full with payment of accrued and unpaid interest of $ 0.543472 per $1,000 Class B Certificate.
If the Certificates are redeemed, no interest will accrue on such Certificates after the Redemption Date. If the Trustee does not receive the Warrant Exercise Purchase Price, then (i) the Certificates issued by the Trust will not be redeemed and they will continue to accrue distributions as if no exercise notice had been given and (ii) the Warrantholder 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.
*U.S. Bank shall not be held responsible for the selection or the use of the CUSIP number, nor is any representation made as to its correctness indicated in this notice. It is included solely for the convenience of the holders.