SOURCE: CORPORATE BACKED TRUST CERTIFICATES

Corporate Backed Trust Certificates

May 05, 2014 16:00 ET

Notice of CONDITIONAL FULL Redemption Corporate Backed Trust Certificates, American General Institutional Capital A Capital Securities-Backed Series 2002-17 Trust 2,959,640 $25 Par ($73,991,000 Certificate Principal Amount) Class A-1 Certificates Due December 1, 2045 CUSIP No. 21988G353* (NYSE: XFP) $73,991,000 Notional Amount Class A-2 Certificates Due December 1, 2045 CUSIP No. 21988GCA2*

(Relating to 2,959,640 Class A-1 Call Warrants and 739.91 Class A-2 Call Warrants Without CUSIP) (Underlying Securities Are $73,991,000 Principal Amount AIG Life Holdings Inc. 7.57% Due December 1, 2045 CUSIP 00138GAB5* - Formerly American General Institutional Capital A 7.57% Capital Securities Due December 1, 2045 CUSIP 02637VAA6*)

NEW YORK, NY--(Marketwired - May 5, 2014) - NOTICE IS HEREBY GIVEN, pursuant to the terms of the Standard Terms for Trust Agreements dated as of January 16, 2001, between Lehman ABS Corporation, as Depositor, and U.S. Bank Trust National Association, as Trustee, as supplemented by the Series Supplement, American General Institutional Capital A Capital Securities-Backed Series 2002-17, dated as of October 23, 2002 as amended (the "Trust Agreement") in respect of the Corporate Backed Trust Certificates, American General Institutional Capital A Capital Securities-Backed Series 2002-17 Trust (the "Trust"), that certain Call Warrant Holders have exercised their rights to purchase all of the 2,959,640 outstanding ($73,991,000 principal amount) Class A-1 Certificates (the "Class A-1 Certificates") (NYSE: XFP) and $73,991,000 Notional Amount outstanding Class A-2 Certificates (the "Class A-2 Certificates") (together, the "Certificates") on May 9, 2014 (the "Call Date" and "Redemption Date") each at the related Call Price, and effect an Optional Exchange for the $73,991,000 total principal amount Underlying Securities held by the Trust.

THE EXERCISE OF THE CALL WARRANTS IS CONDITIONAL UPON RECEIPT BY THE TRUSTEE OF THE CALL 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 Call Price by 10:00 a.m. (New York City time) on the Redemption Date, then 2,959,640 Class A-1 Certificates and $73,991,000 Notional Amount Class A-2 Certificates described above will be selected for redemption on the Redemption Date at a price of $25.00 principal plus $0.67204861 accrued interest to the Redemption Date per Class A-1 Certificate and $180.13113717 interest per $1,000 stated notional amount Class A-2 Certificate (the "Call Price"). The total payment of the Redemption Amount on the Certificates will be $89,308,104.92, consisting of $73,991,000.00 principal and $1,989,021.95 accrued interest on the Class A-1 Certificates and $13,328,082.97 interest on the Class A-2 Certificates (the "Redemption Amount"). The Class A-2 Certificates are interest-only Certificates and will not receive payment of principal. No further interest or principal will accrue on and after the Redemption Date on the Certificates selected for redemption.

If the Trustee does not receive the Call Price, then (i) the Certificates issued by the Trust will continue to accrue interest as if no exercise notice had been given and (ii) the Call Warrant holders 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 this conditional partial redemption, Holders with questions may contact Bondholder Services at (800) 934-6802.

U.S. Bank Trust National Association, as Trustee

*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 the Notice. It is included solely for the convenience of the Holders.

Contact Information

  • U.S. Bank National Association
    Global Corporate Trust Services
    100 Wall Street, 16th floor
    New York, NY 10005
    (800) 934-6802