Notice of CONDITIONAL FULL Redemption Corporate Backed Trust Certificates, Sprint Capital Note-Backed Series 2003-17 Trust 1,...
12 Junho 2014 - 5:00PM
Marketwired
Notice of CONDITIONAL FULL Redemption Corporate Backed Trust
Certificates, Sprint Capital Note-Backed Series 2003-17 Trust
1,000,000 $25 Par ($25,000,000 Certificate Principal Amount) Class
A-1 Certificates Due November 15, 2028 CUSIP No. 21988K404* (NYSE:
JZK) $455,000 Principal Amount Class A-2 Certificates Due November
15, 2028 CUSIP No. 21988KAC1*
(relating to 1,000,000 Class A-1 Call Warrants CUSIP No.
21988K172* and 1,820 Class A-2 Call Warrants CUSIP No. 21988K180*)
(Underlying Securities Are $25,455,000 Principal Amount 6.875%
Notes Due November 15, 2028 CUSIP No. 852060AD4* Issued by Sprint
Capital Corporation)
NEW YORK, NY--(Marketwired - Jun 12, 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,
Sprint Capital Note-Backed Series 2003-17, dated as of October 29,
2003 (the "Trust Agreement") in respect of the Corporate Backed
Trust Certificates, Sprint Capital Note-Backed Series 2003-17 Trust
(the "Trust"), that certain Call Warrant Holders have exercised
their rights to purchase all of the 1,000,000 outstanding
($25,000,000 principal amount) Class A-1 Certificates (the "Class
A-1 Certificates") (NYSE: JZK) and $455,000 Principal Amount
outstanding Class A-2 Certificates (the "Class A-2 Certificates")
(together, the "Certificates") on June 17, 2014 (the "Call Date"
and "Redemption Date") each at the related Call Price, and effect
an Optional Exchange for the $25,455,000 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 1,000,000 Class A-1
Certificates and $455,000 Principal Amount Class A-2 Certificates
described above will be selected for redemption on the Redemption
Date at a price of $25.00 principal plus $0.15555556 accrued
interest to the Redemption Date per Class A-1 Certificate and $0.00
principal per $1,000 stated principal amount Class A-2 Certificate
(the "Call Price"). The total payment of the Redemption Amount
on the Certificates will be $25,155,555.56, consisting of
$25,000,000.00 principal and $155,555.56 accrued interest on the
Class A-1 Certificates and $0.00 principal on the Class A-2
Certificates (the "Redemption Amount"). The Class A-2 Certificates
are principal-only Certificates and will not receive payment of
interest. As set forth in the Trust Agreement, the Call Price
for each related Call Date, in the case of the Class A-2
Certificates being purchased pursuant to the exercise of the Call
Warrants, is $0. 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 selected for redemption will continue to accrue
interest as if no exercise notice had been given and (ii) these and
other 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.
By U.S. Bank Trust National Association as Trustee
June 12, 2014
*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 Redemption Notice. It is
included solely for the convenience of the Holders.
U.S. Bank National Association Corporate Trust Services 100 Wall
Street, 16th floor New York, NY 10005 (800) 934-6802
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