NEW YORK--()--U.S. Bank Trust National Association serves as trustee (the “Trustee”) for the above-referenced Trust (the “Trust”) formed pursuant to the terms of the Base Trust Agreement dated as of December 15, 2000, as supplemented by the CorTS Supplement 2002-3 (the “Series Supplement”), dated as of May 17, 2002 (collectively, the “Trust Agreement”) by and between Structured Products Corporation (the “Depositor”) and the Trustee. Capitalized terms used herein have the meanings set forth in the Trust Agreement. The assets of the Trust include the following securities:
5.60% Debentures due July 31, 2097
CUSIP No. 866930AG5
SunAmerica Inc. (currently known as American International Group Inc.
pursuant to a merger on January 1, 1999) (“AIG”)
On September 18, 2012, the Warrantholder gave notice of intent to exercise 95,682 Warrants on October 3, 2012. Pursuant to the notice of intent, the Warrantholder agrees to purchase $95,682,000 principal amount of the 5.60% debentures held by the Trust, and agrees to make payment equal to 75.09996% of the principal amount of the 5.60% debentures being purchase pursuant to the exercise of the Call Warrants plus accrued and unpaid interest thereon to and including the Warrant Exercise Date, determined to be Wednesday, October 3, 2012 (the “Warrant Exercise Date” or “Redemption Date”).
THE EXERCISE OF THE CALL WARRANTS IS CONDITIONAL UPON RECEIPT BY THE TRUSTEE OF THE WARRANT EXERCISE PURCHASE PRICE ON THE WARRANT EXERCISE DATE. THERE CAN BE NO ASSURANCE THAT THE CALL WARRANTS WILL IN FACT BE EXERCISED ON THE WARRANT EXERCISE DATE.
If the Trustee receives the Warrant Exercise Purchase Price by 11:00 a.m. (New York City time) on the Redemption Date, then $71,857,125.00 Class A Certificates issued by the Trust will be redeemed on the Redemption Date at a price of $25.00 per Class A Certificate plus accrued interest of $0.293125 per Class A Certificate to the Redemption Date and $0.994727 accrued interest per Class B Certificates.
If the Trustee does not receive the Warrant Exercise Purchase Price, then (i) the Certificates issued by the Trust will not be redeemed and will continue to accrue distributions as if no exercise notice had been given and (ii) the Warrantholder may elect to deliver a partial or full conditional notice of exercise in the future.
September 18, 2012
*U.S. Bank shall not be held responsible for the selection or the use of the CUSIP number, nor is any representation made as to its correctness indicated in this notice. It is included solely for the convenience of the holders.