NEW YORK, July 17, 2019 /PRNewswire/ -- Origen Phoenix LLC (the "Purchaser") has commenced a cash tender offer for any and all outstanding PPLUS Class A 6.30% Callable Trust Certificates Series RRD-1, PPLUS Trust Series RRD-1 (CUSIP No. 73941X593) (NYSE symbol PYS) (Bloomberg symbol PYS Pfd) (the "Certificates") as described below (the "Tender Offer"). The terms and conditions of the Tender Offer are described in the Purchaser's Offer to Purchase dated July 12, 2019 (the "Offer to Purchase") and the related Letter of Transmittal (the "Letter of Transmittal").
The Tender Offer will expire at 5:00p.m. EST, on August 21, 2019 unless extended or earlier terminated (the "Expiration Time"). Holders who validly tender (and who do not validly withdraw) their Certificates prior to the Expiration Time will be entitled to receive $18.00 for each $25.00 principal amount of the Certificates. Holders will not receive any accrued and unpaid interest on their Certificates that are accepted for purchase in the Tender Offer.
The Tender Offer is subject to the conditions in the Offer to Purchase and the Letter of Transmittal. Provided that the conditions to the Tender Offer have been satisfied or waived, payment for the Certificates purchased in the Tender Offer will be made on or about August 28, 2019.
This press release is neither an offer to purchase nor a solicitation of an offer to sell the Certificates. The Purchaser is making the offer only by the terms of the Offer to Purchase and the Letter of Transmittal, copies of which may be obtained from D.F. King & Co., Inc., the tender and information agent for the Tender Offer, at email@example.com or (877) 896-3199 or, for banks and brokers, at (212) 269-5550.
About Origen Phoenix LLCOrigen Phoenix LLC was incorporated in New York in 2016 and is not affiliated with the trust which issued the Certificates.
Forward-Looking StatementsThis press release contains forward-looking statements, including those related to the completion of the Tender Offer. Forward-looking statements involve many risks and uncertainties that could significantly affect anticipated results in the future. The Purchaser is not under any obligation to update its forward-looking statements as a result of new information, future events or otherwise, except as required by law.
Source: Origen Phoenix LLC
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SOURCE Origen Phoenix LLC