Published: December 02, 2010
Synthetic Fixed-Income Securities, Inc. Announces Termination of STRATS(SM) Trust for DaimlerChrysler NA Holding Securities, Series 2004-10
CHARLOTTE, N.C. - (BUSINESS WIRE) - U.S. Bank Trust National Association serves as trustee (the "Trustee" )
for the above-referenced Trust (the "Trust" ) formed pursuant to the
terms of the Base Trust Agreement dated as of September 26, 2003, as
supplemented by the Series Supplement Series 2004-10, dated as of August
6, 2004.
STRATS Trust For DaimlerChrysler NA Holding Securities, Series 2004-10
(the "Trust" ), as issuer of the STRATS Certificates, Series 2004-10,
CUSIP # 86311U205 and New York Stock Exchange Symbol GJL (the
"Certificates" ), announced that an SEC Reporting Failure (as defined in
the Trust Agreement with respect to the Trust) has occurred due to
Daimler AG, which is the guarantor of the Underlying Securities held by
the Trust, having terminated its obligations to file periodic reports
under the Securities Exchange Act of 1934. Because an SEC Reporting
Failure under the Trust Agreement occurred, the Trust will terminate
following liquidation of the assets of the Trust. The assets of the
Trust consist of $680,000 aggregate principal amount of 6.50% Notes due
November 15, 2013 (the "Underlying Securities" ) issued by
DaimlerChrysler North America Holding Corporation and the rights of the
Trust under a Swap Agreement to which the Trust is a party.
On December 1, 2010, bids were solicited for the Underlying Securities
in accordance with the Trust Agreement, and the Swap Agreement was
terminated in accordance with its terms. The proceeds from the sale of
the Underlying Securities will be distributed in accordance with the
Trust Agreement, first to the Swap Counterparty in satisfaction of the
termination payment owed by the Trust to the Counterparty in connection
with the termination of the Swap Agreement, and second to holders of the
Certificates in liquidation of and as payment in full on the
Certificates. The net proceeds to be distributed per Certificate are
expected to be $26.033314 ($25.00 per Certificate, plus $.99163 premium
and $.043151 accrued interest per Certificate).
The final distribution to Certificate holders is expected to be made on
Tuesday, December 7, 2010. Following the distribution, the Trust will
terminate and the Certificates will be canceled.
Bondholder Relations at U.S. Bank Trust National Association
1-800-934-6802
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