U.S. Bank Trust National Association Announces Timeline for Termination of Corporate Backed Trust Certificates, BellSouth Capita
February 02 2007 - 6:54PM
PR Newswire (US)
NEW YORK, Feb. 2 /PRNewswire/ -- On February 1, 2007, Corporate
Backed Trust Certificates, BellSouth Capital Funding
Debenture-Backed Series 2003-2 Trust, which was established by
Lehman ABS Corporation, announced that it must be terminated under
the terms of its trust agreement. As a consequence, the sole assets
of the trust, $26,400,000 principal amount of 7.12% Debentures due
July 15, 2097 issued by BellSouth Capital Funding Corporation, will
be liquidated. The transfer books relating to the trust
certificates will be closed permanently at the time of this press
release. Notices were sent today to the registered holders of the
Class A-1 Certificates (CUSIP Number 21988G320*; (NYSE:JBD), the
Class A-2 Certificates (CUSIP Number 21988GCE4*), and the call
warrants related to the Class A-1 Certificates and Class A-2
Certificates. Such notices informed the holders of the Class A-1
Certificates and Class A-2 Certificates that they (i) possess
certain rights to receive, in lieu of any liquidation proceeds owed
under the trust agreement, their pro rata portion of the underlying
securities of the trust and (ii) must elect by 3:00 p.m. (New York
City Time), February 16, 2007, if they wish to receive such
distribution of the underlying securities. In the case of the call
warrants related to the Class A-1 Certificates and Class A-2
Certificates, such notices informed the call warrant holders that
they (i) possess certain call and optional exchange rights and (ii)
must elect by 3:00 p.m. (New York City Time), February 16, 2007, if
they wish to exercise such call and optional exchange rights. If
the holders of the Class A-1 Certificates, Class A-2 Certificates
and related call warrants do not exercise their rights described
above and in the aforementioned notices, the underlying securities
held by the trust will be liquidated and the proceeds will be
distributed to certificateholders in accordance with the terms of
the trust agreement. Sale procedures to liquidate the underlying
securities are expected to begin February 21, 2007 and finish by 2
p.m. (New York City Time), February 23, 2007. The holders of the
Class A-1 Certificates and Class A-2 Certificates will receive a
distribution related to such liquidation shortly thereafter.
CONTACT: U.S. Bank Trust National Association, David Kolibachuk,
Corporate Trust Services, 212-361-2459 * No representation is made
as to the correctness of the CUSIP numbers indicated in this press
release. They are included solely for the convenience of the
holders of the Certificates. DATASOURCE: U.S. Bank Trust National
Association CONTACT: David Kolibachuk, Corporate Trust Services of
U.S. Bank Trust National Association, +1-212-361-2459
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