Business Context and Reporting Period
This Form 8-K is a current report filed by Structured Products Corp. on April 30, 2005, regarding the CorTS Trust for PECO Energy Capital Trust III. The filing serves as a notice of a distribution made to holders of the 8% Corporate-Backed Trust Securities (CorTS) Certificates (CUSIP: 22080R206). The Trustee is U.S. Bank Trust National Association.
Key Financial Metrics
- Distribution Amount: $1.000000 per $25 Certificate, consisting entirely of interest ($1.000000) with no principal or premium ($0.000000).
- Outstanding Certificates: 1,014,750 certificates representing an aggregate principal balance of $25,368,750 as of the close of business on the Distribution Date.
- Underlying Assets: The trust holds $27,500,000 aggregate principal amount of PECO Energy Capital Trust III 7.38% Capital Trust Pass-Through Securities due April 6, 2028.
- Accrued Interest: $0.000000 aggregate interest due and not paid as of the Distribution Date.
- Fees: No fees were paid to the Trustee or any other party from the proceeds of the Term Assets.
Material Changes
The filing does not provide comparative financial data or discuss material changes versus prior periods. It is a routine distribution notice for the specified period.
Guidance, Outlook, and Risks
Management Commentary: The filing explicitly states that neither Structured Products Corp. nor the Trustee participated in the preparation of the issuer's reporting documents, conducted due diligence, or verified the accuracy of the underlying information. There is no assurance that undisclosed events have not occurred that would affect 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.
Unusual Items: None reported.
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.
- Confirm the accuracy of the $25,368,750 outstanding certificate principal balance against the $27,500,000 underlying asset balance.
- Review the issuer's (PECO Energy) periodic reports filed with the SEC for any undisclosed events affecting the underlying securities.
- Note that the Trustee has not verified the accuracy of the issuer's financial data.