Business Context and Reporting Period
This Form 8-K is filed by the Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-6 Trust (the "Trust"), with Lehman ABS Corporation as the depositor. The report covers events occurring on August 15, 2018. The Trust holds junior subordinated debentures issued by The Goldman Sachs Group, Inc. as its sole underlying assets. The depositor, Lehman ABS Corporation, is a subsidiary of Lehman Brothers Holdings Inc., which emerged from Chapter 11 bankruptcy proceedings effective March 6, 2012.
Key Financial Metrics and Transactions
The filing reports specific transactional activity rather than standard operating financial metrics such as revenue or profit margins, as the Trust is a passive vehicle holding securities.
- Distribution: A distribution was made to certificate holders on August 15, 2018.
- Optional Exchange: Holders exercised the right to exchange 456,160 Trust Certificates (principal amount of $11,404,000) for an equivalent principal amount of Underlying Securities.
- Outstanding Certificates: Following the exchange, 543,840 Trust Certificates remained outstanding with a principal amount of $13,596,000.
- Underlying Assets: The Trust held $13,596,000 face amount of Goldman Sachs Capital I 6.345% Capital Securities due February 15, 2034.
Material Changes
The primary material change reported is the reduction in the outstanding principal amount of Trust Certificates due to the Optional Exchange. The principal amount decreased from a pre-exchange total of $24,999,999.99 (implied by the sum of exchanged and remaining amounts) to $13,596,000. The filing states that no other reportable transactions or matters occurred during the current reporting period.
Outlook, Risks, and Contingencies
The filing includes standard disclaimers regarding the underlying issuer, The Goldman Sachs Group, Inc. Neither Lehman ABS Corporation nor the Trustee has verified the accuracy or completeness of reports filed by Goldman Sachs. The filing notes that there can be no assurance that undisclosed events affecting the issuer of the underlying securities have not occurred. Investors are directed to Goldman Sachs' periodic reports (File No. 001-14965) for information regarding the underlying assets.
Investor Verification Checklist
- Verify the specific distribution amount per certificate in Exhibit 99.1 (Trustee's Distribution Statement).
- Confirm the current market value of the remaining Goldman Sachs Capital I 6.345% Capital Securities due 2034.
- Review The Goldman Sachs Group, Inc.'s recent filings for any material events affecting the underlying debentures.
- Check for any subsequent Optional Exchanges or distributions after the August 15, 2018 date.