Business Context and Reporting Period
This Form 8-K is a current report filed by Structured Products Corp. on behalf of the CorTS Trust for PECO Energy Capital Trust III. The report covers the distribution event dated October 31, 2006. The Trust holds $27,500,000 in aggregate principal amount of PECO Energy Capital Trust III 7.38% Capital Trust Pass-Through Securities due April 6, 2028, referred to as the "Term Assets."
Key Financial Metrics
| Metric | Value |
|---|---|
| Distribution Date | October 31, 2006 |
| Principal Distribution per $25 Certificate | $0.000000 |
| Interest Distribution per $25 Certificate | $1.000000 |
| Total Distribution per $25 Certificate | $1.000000 |
| Aggregate Interest Due and Unpaid | $0.000000 |
| Outstanding Certificates | 1,014,750 |
| Aggregate Certificate Principal Balance | $25,368,750 |
| Trustee Fees Paid from Term Assets | $0.00 |
Material Changes
The filing does not provide comparative financial data or a prior period to assess material changes in revenue, profit, or cash flow. The document serves solely as a notice of the scheduled distribution payment for the period ending October 31, 2006.
Guidance, Outlook, and Risks
Management Commentary: The Trustee, U.S. Bank Trust National Association, explicitly states that neither Structured Products Corp. nor the Trustee participated in the preparation of the issuer's reporting documents, conducted due diligence, or verified the accuracy of the underlying information. There is no assurance that undisclosed events have not occurred that would affect the accuracy of public documents regarding the underlying securities issuer (PECO Energy Company).
Ratings: The current credit rating of the Term Assets is not provided in this report. Investors are directed to contact Standard & Poor's or Moody's directly for rating information.
Unusual Items: No unusual items or contingencies were reported in this specific filing.
Investor Verification Checklist
- Verify the current credit rating of the underlying PECO Energy Capital Trust III securities with Standard & Poor's or Moody's, as it is not included in this filing.
- Confirm the status of the underlying issuer, PECO Energy Company (File No. 000-16844), by reviewing their periodic reports on the SEC website.
- Validate the calculation of the total distribution based on the 1,014,750 outstanding certificates and the $1.00 per certificate interest payment.
- Review the Trust Indenture to understand the terms regarding the maturity date of the Term Assets (April 6, 2028).