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, 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 (the "Term Assets").
Key Financial Metrics
| Metric | Value |
|---|---|
| Distribution Date | October 31, 2008 |
| 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 | None |
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 report confirms that the distribution consisted entirely of interest with no principal repayment. No arrears or unpaid interest were reported as of the distribution date.
Outlook, Risks, and Contingencies
The filing explicitly states that neither Structured Products Corp. nor the trustee has verified the accuracy or completeness of the reporting documents filed by the underlying issuer, PECO Energy Company. There is no assurance that events affecting the issuer have not occurred which would impact the accuracy of public documents. 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.
Key Facts for Investor Verification
- 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.
- Confirm the financial health and reporting status of the underlying issuer, PECO Energy Company, given the disclaimer regarding the trustee's lack of due diligence.
- Note that the distribution was interest-only ($1.00 per $25 certificate) with no principal reduction.
- Check for any subsequent filings by PECO Energy Company that may affect the value of the Term Assets held by the Trust.