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 CorTS Supplement 2004-5 (the “Series Supplement”), dated as of April 15, 2004 (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 assets of the Trust include the following securities:
6.345% Capital Securities due February 15, 2034
CUSIP No. 38143VAA7
Goldman Sachs Capital I
On December 18, 2014 the Warrantholder gave notice to the Trustee of its intent to exercise all Call Warrants for the purchase of all of the Term Assets held by the Trust, and agrees to make payment equal to the sum of (i) the principal amount of the Term Assets being purchased pursuant to the exercise of the Call Warrants plus accrued and unpaid interest to and including the Warrant Exercise Date, determined to be Monday, January 5, 2015 (the “Warrant Exercise Date” or “Redemption Date”) and (ii) the Warrant Class B Purchase Price.
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.
On the Redemption Date, if the Trustee receives the Warrant Exercise Purchase Price by 11:00 a.m. (New York City time), then (i) 3,600,000 Class A Certificates will be redeemed at a price of $25.00 per Class A Certificate plus accrued interest of $0.583333 per Class A Certificate to the Redemption Date and (ii) holders of Class B Certificates will receive a final payment of $38.926296 and accrued interest of $1.341667 per $1,000 Class B Certificate.
If the Trustee does not receive the Warrant Exercise Purchase Price, then (i) the Certificates issued by the Trust will not be redeemed and will continue to accrue distributions as if no exercise notice had been given and (ii) the Warrantholder may elect to deliver a partial or full 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.