SOURCE: COBALTS Trust Series Sprint Capital Certificates, Series 2002-1

October 30, 2007 16:05 ET

Conditional Redemption of COBALTS Trust Series Sprint Capital Certificates, Series 2002-1 CUSIP: 19074V102

NEW YORK, NY--(Marketwire - October 30, 2007) - U.S. Bank Trust National Association, as Trustee (the "Trustee), under the Base Trust Agreement dated as of April 2, 2002, as supplemented by the COBALTS Supplement 2002-1 dated as of April 2, 2002, with Structured Products Corp. and the Trustee, has received notice that the Call Warrant Holder has exercised its right to purchase the term assets of the trust on November 15, 2007 (the "Redemption Date).

THE EXERCISE OF THE CALL WARRANTS IS CONDITIONAL UPON RECEIPT BY THE TRUSTEE OF THE WARRANT EXERCISE PURCHASE PRICE WITH RESPECT TO SUCH EXERCISE ON THE REDEMPTION DATE. THERE CAN BE NO ASSURANCE THAT THE CALL WARRANTS WILL IN FACT BE EXERCISED ON THE REDEMPTION DATE.

If the Trustee receives the Warrant Exercise Purchase Price by 11:00 a.m. (New York City time) on the Redemption Date, then the Certificates issued by the COBALTS Trust for Sprint Capital Notes will be redeemed in full on the Redemption Date at a price of $25 per Certificate. Interest will be paid in the usual manner on the Redemption Date. If the certificates are redeemed, no interest will accrue on the certificates after the Redemption Date. If the Trustee does not receive the Warrant Exercise Purchase Price, then (i) certificates issued by the COBALTS Trust for Sprint Capital Notes will not be redeemed and will continue to accrue distributions as if no exercise notice had been given and (ii) the Call Warrant Holder may elect to deliver a conditional notice of exercise in the future.

This press release is being issued by U.S. Bank Trust National Association as trustee of the Trust. For more information about these redemptions, please contact Marlene Fahey of U.S. Bank Trust National Association at 212-361-2510.

Contact Information

  • Contact:
    Marlene Fahey
    U.S. Bank Trust National Association
    212-361-2510