Update: KVP Corporate Backed Trust Securities Transaction to be Terminated
15 May 2004 - 8:32AM
PR Newswire (US)
Update: KVP Corporate Backed Trust Securities Transaction to be
Terminated NEW YORK, May 14 /PRNewswire-FirstCall/ --
Corporate-Backed Trust Securities (CorTS(R)) Class A Certificates,
CorTS(R) Trust for GE Global Insurance Notes, CUSIP 12617F205 and
New York Stock Exchange symbol KVP, which has been established by
Structured Products Corp., announced that because GE Global
Insurance Holding Corporation elected to suspend its duty to file
periodic reports under certain sections of the Securities Exchange
Act of 1934, the securities held by the trust established by
Structured Products Corp. are to be liquidated. On May 14, 2004,
U.S. Bank Trust National Association, as trustee, requested bids
for the sale of the securities held by the trust. The sale of the
securities is scheduled to settle on May 19, 2004. On May 19, 2004,
U.S. Bank Trust National Association, as trustee, is scheduled to
receive $108,247,166.34 as proceeds from the sale of the securities
held by the trust, and holders of the Class A Certificates are
expected to receive $25.40 per $25 certificate. The remaining
proceeds will be distributed to holders of the Class B Certificates
and the Call Warrants. Following the distribution, the trust
established by Structured Products Corp. will terminate and the
Class A Certificates, Class B Certificates and Call Warrants will
be cancelled. The trust has issued Class A Certificates relating in
the aggregate to $103,525,000 principal amount of 7.00% Notes due
February 15, 2026 issued by GE Global Insurance Holding
Corporation. DATASOURCE: Corporate-Backed Trust Securities CONTACT:
Marlene Fahey of U.S. Bank Trust National Association,
+1-212-361-2510
Copyright