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ML Depositor PreferredPlus 8.375% CZN-1 (PIY)

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Last Post: 5/1/2021 3:02:43 AM - Followers: 1 - Board type: Free - Posts Today: 0

Merrill Lynch Depositor Inc., PreferredPlus, 8.375% Trust Certificates, PreferredPlus Trust Series CZN-1, stated amount $25 per certificate. The underlying securities are the 7.05% Debentures due 10/01/2046, issued by Citizens Utilities Co., then Citizens Communications Co., now Frontier Communications Corp. (NYSE: FTR), redeemable on or after 10/01/2006 under the call warrants at $25 plus accrued and unpaid interest. Distributions of 8.375% ($2.09375) per annum are paid semi-annually on 4/1 & 10/1. Distributions paid by third party trust preferred securities derived from corporate debt securities such as these securities are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders as the distributions are considered to be interest.

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