Structured Asset Trust Unit Repackagings (SATURNS) Series 2003-11 Trust Receipt of Notice of Intent to Exercise Warrants in Full
October 20 2010 - 4:31PM
Business Wire
Structured Asset Trust Unit Repackagings (SATURNS), Goldman
Sachs Group, Inc. Debenture Backed Series 2003-11 Trust (the
“Trust”) (New York Stock Exchange Ticker Symbol “DKW”), announced
today that it has received a Call Notice notifying the Trust of the
intended exercise of 100% of the outstanding Warrants representing
the right to acquire a combined Unit Principal Balance of
48,000,000 Class A Units and the equivalent Notional Amount of
Class B Units for settlement on November 4, 2010 (the “Intended
Settlement Date”). Under the terms of the Warrants, delivery of the
notice does not give rise to an obligation on the part of the
Warrantholder to pay the specified call price; and if by 4 p.m. New
York time on the Business Day prior to the Intended Settlement Date
the party exercising the Warrants has not paid the required call
price, the Call Notice will be effectively rescinded, in which case
settlement of the relevant Warrants would not occur and the
Warrants would continue in effect and could be exercised on a
subsequent date. If settlement of the Warrants occurs pursuant to
the Call Notice on the Intended Settlement Date, then Class A
Unitholders will receive the par value ($25) plus accrued interest
of each Class A Unit and Class B Unitholders will receive accrued
interest plus the Class B Present Value Amount in relation to each
Class B Unit, each in an amount to be determined in accordance with
the Trust Agreement.
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