Notice of CONDITIONAL FULL Redemption of Corporate Asset Backed Corporation, CABCO Series 2004-1 Trust (Goldman Sachs Capital...
May 17 2013 - 4:00PM
Marketwired
NOTICE IS HEREBY GIVEN, pursuant to the terms
of the Trust Agreement dated as of March 8, 2004, between Corporate
Asset Backed Corporation, as Depositor, and U.S. Bank Trust
National Association, as Trustee, (the "Trust Agreement") in
respect of the CABCO Series 2004-1 Trust (Goldman Sachs Capital I)
(the "Trust") that certain Call Option Holders have exercised their
rights to purchase all of the above 2,500,000 outstanding Class A-1
(NYSE: GYA) and 2,500,000 outstanding Class B-1 Callable
Certificates (the "Called Certificates") on May 28, 2013 (the "Call
Date" and "Redemption Date") at the Call Price and effect an
exchange for the $62,500,000 Goldman Sachs Capital I 6.345% Capital
Securities due 2/15/2034 CUSIP 38143VAA7* Underlying Securities of
the Trust.
THE EXERCISE OF THE CALL WARRANTS IS
CONDITIONAL UPON RECEIPT BY THE TRUSTEE OF THE CALL PRICE WITH
RESPECT TO SUCH EXERCISE ON THE REDEMPTION DATE. THERE CAN BE NO
ASSURANCE THAT THE CALL OPTIONS 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 Called Certificates
issued by the Trust will be redeemed in full on the Redemption Date
at a price of $25 principal plus $0.429166668 accrued interest to
the Redemption Date per Class A-1 Certificate and $0.849113564
accrued interest to the Redemption Date per Class B-1 Certificate.
The total payment on the Called Certificates will be
$65,695,700.58, consisting of $62,500,000.00 principal and
$1,072,916.67 accrued interest on the Class A-1 Certificates, and
$2,122,783.91 interest on the Class B-1 Certificates (the
"Redemption Amount") selected for redemption. The Class B-1
Certificates are interest-only certificates and will not receive
payment of principal. No interest will accrue on the Called
Certificates after the Redemption Date. After giving effect to the
redemption of Called Certificates and Call Option exercise, none of
the Called Certificates and Call Options will remain outstanding
and their amounts will be reduced to zero. If the Trustee does not
receive the Call Price, then (i) the Called Certificates issued by
the Trust will continue to accrue interest as if no exercise notice
had been given and (ii) the Call Option holder(s) 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 partial redemption, Holders with questions may
contact Bondholder Services at (800) 934-6802.
U.S. Bank Trust National Association, as
Trustee
*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 the Redemption Notice. It is included
solely for the convenience of the Holders.
U.S. Bank (800) 934-6802
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