Structured Asset Trust Unit Repackagings (SATURNS) Series 2002-11 Trust Receipt of Notice of Intent to Exercise Call Options ...
February 27 2013 - 4:56PM
Business Wire
Structured Asset Trust Unit Repackagings (SATURNS), AIG Capital
Security Backed Series 2002-11 (the “Trust”) (New York Stock
Exchange Ticker Symbol “MKS”), announced today that it has received
a notice of intent to exercise 39,332 Call Options representing the
right to call $39,332,000 aggregate principal amount of the 7.570%
American General Institutional Capital A trust preferred capital
securities due December 1, 2045 (the “Debentures”) held by the
Trust. The Call Options are being exercised with respect to
Debentures held by the Trust as to which the issuer of the
Debentures has given notice of its intention to redeem or notice of
a self-tender. The Call Options with respect to which the notice of
intended exercise has been received represent 100% of the
outstanding Debentures held by the Trust. Under the terms of the
Call Options, the party exercising the Call Options may rescind its
notice of exercise at any time prior to the date of the settlement
of the sale of the Debentures by the Trust, which is expected to be
March 1, 2013, (the “Settlement Date”) by providing notice of
rescission to the Trust, in which case settlement of such Call
Options would not occur and the Call Options would continue in
effect and could be exercised on a subsequent date. If the notice
of exercise is not rescinded and settlement of the Call Options
actually occurs on the Settlement Date, the Trust Agreement
provides that all outstanding Units will be redeemed on the
Settlement Date at par ($25.00) plus accrued interest from the
available proceeds of the settlement of the Call Options.
CUSIP: 804105203 (Class A Units) 804105AA2 (Class B Units)
Symbol:
MKS
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