Structured Asset Trust Unit Repackagings (SATURNS) Series 2003-3 Trust Receipt of Notice of Intent to Exercise Call Options i...
November 19 2010 - 4:00PM
Business Wire
Structured Asset Trust Unit Repackagings (SATURNS), Aon Capital
Security Backed Series 2003-3 (the “Trust”) (New York Stock
Exchange Ticker Symbol “DKK”), 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 41,608,000 principal amount of the Bonds (which represents
100% of the Bonds held by the Trust), at a price equal to 100% of
the principal amount of such Bonds plus accrued interest for
settlement on December 6, 2010 (the “Intended Settlement Date”);
with the Call Option holder also required to pay the Class B
Present Value Amount specified under the Call Options in connection
with such 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Options, the exercise of the Call Options may be rescinded prior to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 ($25) plus accrued interest of each
Class A Unit and Class B Unitholders will receive accrued interest
plus the Class B Present Value Amount in relation to each Class B
Unit, each in an amount to be determined in accordance with the
Trust Agreement.
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