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 April 30, 2008. 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 per $25 Certificate (Principal) | $0.000000 |
| Distribution per $25 Certificate (Interest) | $1.000000 |
| Total Distribution per $25 Certificate | $1.000000 |
| Aggregate Interest Due and Unpaid | $0.000000 |
| Aggregate Principal Amount of Term Assets | $27,500,000 |
| 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 for a prior period to assess material changes in revenue, profit, or margins. The report focuses solely on the execution of the scheduled distribution for the April 30, 2008 period. No principal payments were made; the distribution consisted entirely of interest.
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 underlying issuer's reports, nor has it verified the accuracy or completeness of documents filed by PECO Energy Company.
- Risks and Contingencies: The filing notes that there can be no assurance that events affecting the underlying issuer (PECO Energy Company) have not occurred or been disclosed that would impact the accuracy of public documents.
- 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.
Investor Verification Checklist
- Verify the current credit rating of the underlying PECO Energy Capital Trust III securities with rating agencies, as it is not included in this filing.
- Review periodic reports filed by PECO Energy Company (Exchange Act File Number 000-16844) to assess the financial health of the underlying issuer.
- Confirm the calculation of the $1.000000 interest distribution per $25 certificate against the 7.38% coupon rate of the Term Assets.
- Monitor for any undisclosed events affecting PECO Energy Company that could impact the Trust's ability to make future distributions.