Structured Asset Trust Unit Repackagings (SATURNS) Series 2003-7 Trust Receipt of Notice of Intent to Exercise Warrants in Full
March 15 2012 - 4:00PM
Business Wire
Structured Asset Trust Unit Repackagings (SATURNS), The May
Department Stores Company Debenture-Backed Series 2003-7 (the
“Trust”) (New York Stock Exchange Ticker Symbol “DKQ”), announced
today that it has received a notice from Morgan Stanley & Co.
LLC of its intent to exercise 100% of the outstanding Warrants
representing the right to acquire a combined Unit Principal Balance
of 25,000,000 Class A Units and the corresponding Notional Amount
of the Class B Units for settlement on March 29, 2012 (the
“Intended Settlement Date”). Under the terms of the Warrants,
delivery of a Call Notice does not give rise to an obligation on
the part of the Warrantholder to pay the specified call price; and
if by 4 p.m. New York time on the Business Day prior to the
Intended Settlement Date the party exercising the Warrants has not
paid the required call price, the Call Notice will be effectively
rescinded, in which case settlement of the relevant Warrants would
not occur and the Warrants would continue in effect and could be
exercised on a subsequent date. If settlement of the Warrants
occurs pursuant to the Call Notice 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
the applicable Class B Present Value Amount (adjusted for accrued
interest on the Class B Units otherwise paid) plus accrued interest
outstanding on each Class B Unit, each in an amount to be
determined in accordance with the Trust Agreement.
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