Global DiSCS Trust 2004-1

Global DiSCS Trust 2004-1

October 20, 2005 16:26 ET

GLOBAL DiSCS Trust 2004-1 Delphi Corporation Credit Event

TORONTO, ONTARIO--(CCNMatthews - Oct. 20, 2005) - Global DiSCS Trust 2004-1 (TSX:DST.UN) -

Re: GLOBAL DiSCS Trust 2004-1 Delphi Corporation Credit Event

On October 18, 2005 the Calculation Agent notified the Trust of a Bankruptcy Credit Event on Delphi Corporation as a result of Delphi Corporation filing a petition for chapter 11 proceedings under the United States Bankruptcy Code on Saturday October 8, 2005. The exposure of Global DiSCS Trust 2004-1 unitholders to Delphi Corporation is 0.50% of the Reference Portfolio.

The Calculation Agent will carry out the valuation process in accordance with the terms of the Units and this process should be complete by the end of January 2006. The Global DiSCS Trust 2004-1 units benefit from the protection of a synthetic first loss tranche equal to 4.1% of the Reference Portfolio; therefore, Unitholders' entitlement to receive C$25 per Unit on December 20, 2009 will not be affected by this first Credit Event on the Global DiSCS Trust 2004-1 units.

The Units of Global DiSCS Trust 2004-1 are listed for trading on The Toronto Stock Exchange under the symbol "DST.UN".

Contact Information

  • GLOBAL DiSCS Trust 2004-1
    Investor Services (broker/investor enquiries)
    (416) 364-1197 (FAX)
    GLOBAL DiSCS Trust 2004-1
    June MacKinnon (MEDIA enquiries only)
    (416) 364-1197 (FAX)