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MSDW Structured Asset SATURNS 2002-01, 7.50% Aon Capital
Ticker Symbol: MJO* CUSIP: 80409X205 Exchange: NYSE
* NOTE: This security is no longer trading as of 3/09/2007
Security has been Called for: Friday, March 9, 2007
March 9, 2007 -- Structured Asset Trust Unit Repackagings (SATURNS), Aon Capital Security Backed Series 2002-1 Trust (NYSE:MJO), announced today that a "Trust Wind Up Event" has occurred under the terms of the Trust Agreement governing the Trust and that the Trust will liquidate its assets and terminate. On February 27, 2007, the Call Options holder for the SATURNS 2002-1 Trust notified the Trust of its intent to exercise its Call Options representing its right to call all of the Underlying Securities owned by the Trust. Upon settlement of the Call Options on or about March 9, 2007, Unitholders will receive the par value plus accrued interest, of each Class A Unit and accrued interest outstanding on each Class B Unit. Contact: LaSalle Bank National Association Andy Streepey, ABS Trust Services, 312-904-9387
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QUANTUMONLINE.COM SECURITY DESCRIPTION: MSDW Structured Asset Corp., Structured Asset Trust Unit Repackagings (SATURNS), Aon Capital Security-Backed, Series 2002-1, 7.50% Class A Callable Units, issued in $25 denominations. Underlying securities are the 8.205% trust preferred capital securities due 1/01/2027 issued by Aon Capital A and guaranteed by Aon Corp. (NYSE: AOC). The SATURNS are redeemable anytime at the issuer's option on 30 to 60 days notice at $25 per unit plus accrued and unpaid dividends. If redeemed prior to 2/26/2007 the holders may receive an additional amount of up to $2.50 per unit. Distributions of 7.50% per annum are paid semi-annually on 1/1 & 7/1 to holders of record on 12/15 & 6/15 respectively. The company has the right, at any time, to defer interest payments for up to 10 consecutive semi-annual periods (but not beyond the maturity date). The trust's assets consist of the 8.205% Junior Subordinated Deferrable Interest Debentures due 1/01/2027 which were purchased from the company using the funds generated from the sale of the trust preferred securities. To be issued the units must be assigned a rating of at least BBB+ by S&P and Baa1 by Moody's. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. On 11/8/02 MSDW Structured Asset Corp. changed their name to MS Structured Asset Corp. See the IPO prospectus for further information on the SATURNS by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (AON)
IPO - 2/20/2002 - 1.00 Million Units @ $25.00/unit.
Link to IPO Prospectus
Market Value $22.4 Million
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Address and Phone Numbers |
Address: 1585 Broadway, New York, NY 10036 |
Main Phone Number |
212-761-4000 |
Fax Number |
Not Available |
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