Business Context and Reporting Period
This Form 8-K is filed by Merrill Lynch Depositor, Inc. on behalf of PPLUS Trust Series GSC-2. The report covers events occurring on July 16, 2004, with the filing date of July 20, 2004. The registrant is a Delaware trust entity focused on issuing trust certificates.
Key Financial Metrics
The filing does not provide standard financial statements, revenue, profit, cash flow, or margin data. The primary financial activity reported is the issuance of 1,400,000 Floating Rate Callable Trust Certificates on July 16, 2004. Specific proceeds, interest rates, or debt levels are not detailed in the text of this report.
Material Changes
The material change reported is the execution of a Series Supplement dated July 16, 2004, between the Depositor and The Bank of New York (as Trustee and Securities Intermediary). This agreement amends and supplements the Standard Terms for Trust Agreements originally dated February 20, 1998, to facilitate the new certificate issuance.
Outlook, Risks, and Unusual Items
Management commentary, forward-looking guidance, and specific risk factors are not included in this filing. The report notes the execution of an ISDA Master Agreement and an interest rate swap confirmation between Merrill Lynch Capital Services, Inc. and PPlus Trust Series GSC-2, indicating the use of derivatives to manage interest rate exposure associated with the floating rate certificates.
Investor Verification Checklist
- Verify the specific terms, interest rate formula, and call features of the 1,400,000 Floating Rate Callable Trust Certificates issued on July 16, 2004.
- Review the Series Supplement (Exhibit 4.2) to understand amendments to the original 1998 Trust Agreement.
- Examine the ISDA Master Agreement and Swap Confirmation (Exhibit 10.1) to assess the structure of the interest rate swap hedging the floating rate obligation.
- Confirm the total proceeds raised from the issuance, as this figure is not explicitly stated in the summary text.