STRATS(SM) Trust for BellSouth Telecommunications Securities, Series 2003-1 Amends Trust Agreement and Intends to Withdraw from
2007年3月12日 - 9:00PM
PRニュース・ワイアー (英語)
CHARLOTTE, N.C., March 12 /PRNewswire-FirstCall/ -- STRATS(SM)
Trust for BellSouth Telecommunications Securities, Series 2003-1
(the "Trust") (NYSE:GJA), and Synthetic Fixed Income Securities,
Inc. ("SFIS"), trustor of the Trust and a wholly owned subsidiary
of Wachovia Corporation, announced today the execution of an
amendment (the "Amendment") to the documents governing the Trust
and its Structured Repackaged Asset-Backed Trust Securities
(STRATS(SM)) BellSouth Telecommunications Certificates, Series
2003-1 (the "Certificates"). The Amendment contemplates that the
Certificates will be stricken from listing on the New York Stock
Exchange ("NYSE") and for the Trust's reporting obligations under
the Securities Exchange Act of 1934, as amended (the "Exchange
Act") will be terminated. The Trust's assets are comprised
primarily of certain debentures (the "Underlying Securities")
issued by BellSouth Telecommunications, Inc. ("BellSouth"). On
January 9, 2007, the NYSE filed with the SEC a notice that it has
complied with its rules to strike the Underlying Securities and all
other classes of bonds issued by BellSouth and it co-obligor,
BellSouth Corporation, from listing and registration on the NYSE,
and the NYSE subsequently delisted such securities. On January 24,
2007, BellSouth voluntarily filed a notice with the SEC to
terminate its reporting obligations under the Exchange Act. As a
result, the Trust can no longer satisfy its own reporting
obligations under the Exchange Act and it will not be possible to
continue the listing of the Certificates on the NYSE. The Amendment
provides that if BellSouth's reporting obligations under the
Exchange Act have been terminated and if SFIS, as trustor of the
Trust, determines that the Trust is not otherwise required to be
liquidated under applicable laws, then the Trust may continue
without liquidating provided the Certificates are stricken from
listing on the NYSE and the Trust's reporting obligations under the
Exchange Act are terminated. The Trust and SFIS also announced
today that, in accordance with the Amendment, the Trust has given
notice to the NYSE of its intention to seek approval to strike the
Certificates from listing on the NYSE and terminate registration of
the Certificates. The Trust expects trading of the Certificates on
the NYSE to be suspended on or about March 15, 2007, prior to
opening of trading on the NYSE. If the Certificates are stricken
from listing on the NYSE and its reporting obligations under the
Exchange Act terminated or suspended, then the Trust will not
liquidate. However, there can be no assurance that the Certificates
will be stricken from listing on the NYSE or that the Trust's
reporting obligations under the Exchange Act will be terminated as
contemplated by the Amendment. If at any time the Trust determines
that its reporting obligations under the Exchange Act cannot be
terminated then the assets of the Trust will promptly be liquidated
or distributed in accordance with its existing terms and the Trust
will terminate in accordance with the terms of the its governing
documents. If the Trust is required to liquidate or distribute its
assets, including the Underlying Securities, the holders of the
Certificates may incur a loss. About Synthetic Fixed Income
Securities, Inc. Synthetic Fixed-Income Securities, Inc., a
Delaware corporation, is a wholly-owned, limited-purpose subsidiary
of Wachovia Corporation and acts as the sponsor and depositor of
various series of asset-backed securitization transactions. SFIS
sells the securities issued through these securitizations in both
public offerings and private placements. The principal office of
SFIS is located at One Wachovia Center, 301 South College Street,
DC-8 Charlotte, NC 28288, Attention: Structured Notes Desk. For
further information, investors may contact: U.S. Bank Trust
National Association Janet O'Hara 212-361-2527 DATASOURCE:
Synthetic Fixed Income Securities, Inc. CONTACT: Elise Wilkinson of
Wachovia, +1-704-374-6512, for Synthetic Fixed Income Securities,
Inc.; or Janet O'Hara of U.S. Bank Trust National Association,
+1-212-361-2527 Web site: http://www.wachovia.com/
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