SEC Filing Summary: CorTS Trust For Peco Energy Capital Trust III
Business Context and Reporting Period
This Form 10-K covers the fiscal year ended December 31, 2004, for the CorTS Trust For Peco Energy Capital Trust III, a corporate-backed trust. The Registrant is Structured Products Corp., acting as the depositor, with U.S. Bank Trust National Association serving as Trustee. The trust issues Corporate-Backed Trust Securities (CorTS) Certificates listed on the New York Stock Exchange. The underlying securities are issued or guaranteed by Peco Energy Company (Exchange Act File No. 000-16844). As of the report date, all common stock of the Registrant is held by Citigroup Global Markets Holdings Inc.
Financial Metrics
The filing explicitly states that Selected Financial Data, Management's Discussion and Analysis, and Financial Statements are Not Applicable or None. Consequently, the filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity for the Trust itself. The Certificates do not represent obligations of the Depositor or Trustee; investors must refer to the periodic reports of the underlying issuer, Peco Energy Company, for financial performance data.
Material Changes
The filing does not disclose material changes in financial condition or results of operations for the Trust, as the standard financial reporting items are designated as "Not Applicable" pursuant to staff administrative positions for Corporate Asset Backed Corporations (CABCO). The primary operational activity reported is the distribution of income to security holders, with distribution statements filed on Form 8-K for April 30, 2004, and October 31, 2004.
Guidance, Risks, and Contingencies
- Management Commentary: No management discussion or outlook is provided in this filing.
- Risks and Contingencies: The filing notes that neither the Depositor nor the Trustee has verified the accuracy of the underlying issuer's reports. There is no assurance that undisclosed events affecting Peco Energy Company have not occurred that would impact the underlying securities.
- Compliance: The Trustee certified in Exhibit 99.1 that it fulfilled all obligations under the trust agreement for the reporting period.
Key Facts for Investor Verification
- Verify the financial health and credit rating of the underlying issuer, Peco Energy Company, as the Trust's performance is dependent on it.
- Review the Form 8-K distribution statements filed on May 12, 2004, and November 10, 2004, for actual cash flow distributions to certificate holders.
- Confirm that the underlying securities have not been called, defaulted, or otherwise impaired by checking Peco Energy Company's latest SEC filings.
- Note that the Registrant (Structured Products Corp.) is a special purpose vehicle with no independent operations or financial statements.