Structured Asset Trust Unit Repackagings (SATURNS) Series 2003-9 Trust to Deliver Bonds Redeemed in Connection with Tender Offer
February 12 2008 - 11:14AM
Business Wire
Structured Asset Trust Unit Repackagings (SATURNS), Altria Group
Inc. Debenture Backed 2003-9 Trust (the �Trust�) (New York Stock
Exchange Ticker Symbol �DKT�), announced today that a potential
�Trust Wind Up Event� has occurred under the terms of the Trust
Agreement governing the Trust. The Trust will deliver to the
underlying security issuer all underlying securities selected for
redemption in connection with the tender offer by the underlying
security issuer dated January 31, 2008 (the �Tender Offer�). If all
underlying securities held by the Trust are so selected and
redeemed, the Trust will terminate. In connection with the Tender
Offer, on February 7, 2008, the Call Options holder for the SATURNS
2003-9 Trust (the �Trust�) notified the Trust of its intent to
exercise its Call Options representing its right to call all of the
Underlying Securities owned by the Trust. To the extent any
Underlying Securities held by the Trust are redeemed in connection
with the Tender Offer, upon settlement of the Call Options on or
about March 5, 2008, Unitholders of Units randomly selected in
proportion to the underlying securities that are redeemed, will
receive (i) for each Class A Unit, the par value plus accrued
interest plus $1.50 and (ii) for each Class B Unit, accrued
interest outstanding and the present value of all future interest
payments on that unit that would have been payable had there been
no call, redemption or other early termination. To the extent any
Underlying Securities held by the Trust are not redeemed in
connection with the Tender Offer, the exercise of the Call Option
on such Units shall be deemed to have not occurred and such
Underlying Securities will be returned to the Trust. Unitholders of
any Units returned to the Trust shall retain all of their rights to
payment under the Trust Agreement with respect to such Units and
the holders of the Call Options on such returned Units shall retain
all of their call rights under the Trust Agreement with respect to
such Units.
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