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 date is April 30, 2010, which serves as the Distribution Date for the trust's 8% Corporate-Backed Trust Securities (CorTS) Certificates. The underlying securities are guaranteed by PECO Energy Company.
Key Financial Metrics
| Metric | Value |
|---|---|
| Distribution per $25 Certificate | $1.000000 |
| Principal Component | $0.000000 |
| Interest Component | $1.000000 |
| Aggregate Interest Due and Unpaid | $0.000000 |
| Aggregate Principal of Term Assets Held | $27,500,000 |
| Outstanding Certificates | 1,014,750 |
| Aggregate Certificate Principal Balance | $25,368,750 |
The filing does not provide data on revenue, profit, cash flow, margins, debt, or liquidity for the trust itself, as it is a pass-through vehicle. No fees were paid to the Trustee from the proceeds of the Term Assets.
Material Changes
The filing does not disclose material changes compared to a prior comparable period. It is a routine notification regarding a scheduled quarterly distribution.
Guidance, Outlook, and Risks
Management Commentary: The Trustee, U.S. Bank Trust National Association, explicitly states it has not participated in the preparation of the issuer's reporting documents, nor has it verified the accuracy or completeness of such documents. There is no assurance that events affecting the issuer (PECO Energy Company) have not occurred that would impact the underlying securities.
Ratings: The current rating of the Term Assets is not provided in this report. Investors are directed to contact Standard & Poor's or Moody's for current ratings.
Unusual Items: None reported.
Investor Verification Checklist
- Verify the current credit rating of the Term Assets (PECO Energy Capital Trust III 7.38% Capital Trust Pass-Through Securities) with rating agencies.
- Confirm the financial health and reporting status of the underlying issuer, PECO Energy Company (File No. 000-16844).
- Review the Trustee's Report (Exhibit 1) for any additional details on the distribution mechanics.
- Check for any undisclosed events affecting PECO Energy Company that may impact the trust's ability to make future distributions.