Structured Asset Trust Unit Repackagings (SATURNS) Series 2002-14 Trust Receipt of Notice of Intent to Exercise Call Options ...
April 08 2011 - 4:56PM
Business Wire
Structured Asset Trust Unit Repackagings (SATURNS), General
Electric Capital Corporation Debenture Backed Series 2002-14
Trust (the “Trust”) (New York Stock Exchange Ticker Symbol “DKC”),
announced today that it has received a notice of exercise notifying
the Trust of the intended exercise of 100% of the outstanding Call
Options representing the right to acquire 25,000 principal amount
of the debentures (which represents 100% of the debentures held by
the Trust), at a price equal to 100% of the principal amount of
such debentures plus accrued interest for settlement on April 25,
2011 (the “Intended Settlement Date”). Under the terms of the Call
Options, the exercise of the Call Options may be rescinded prior to
the Intended Settlement Date, in which case settlement of the
relevant Call Options would not occur and the Call Options would
continue in effect and could be exercised on a subsequent date. If
settlement of the Call Options occurs pursuant to the notice of
exercise on the Intended Settlement Date, then Class A Unitholders
will receive the par value plus accrued interest of each Class A
Unit and Class B Unitholders will receive accrued interest plus the
present value of the Class B Unit Interest in relation to each
Class B Unit, each in an amount to be determined in accordance with
the Trust Agreement.
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