STRATS Trust for United States Cellular Corp. Securities, Series 2004-6 STRATS 6.375
GJH
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- STRATS Trust for United States Cellular Corp. Securities, Series 2004-6 STRATS 6.375 (NYSE: GJH) operates as a special purpose trust issuing synthetic fixed-income securities linked to the performance of United States Cellular Corporation (US Cellular) securities. Established in 2004 pursuant to a base trust agreement by Synthetic Fixed-Income Securities, Inc., the trust offers Class A-1 STRATS certificates bearing a fixed annual distribution rate of 6.375%, paid semiannually on June 15 and December 15 to holders of record; these certificates provide investors with exposure to US Cellular's underlying securities while aiming to deliver steady income through consistent dividend yields around 6.4%. The trust's primary activities focus on holding and managing these preferred securities, with no active manufacturing, retail operations, or diversified product lines beyond its core STRATS offerings. Geographically, the trust conducts its operations primarily in the United States, with certificates traded on the New York Stock Exchange; its administrative headquarters align with those referenced for similar STRATS structures in Charlotte, North Carolina. The trust serves institutional and retail investors seeking fixed-income alternatives tied to telecommunications sector exposure, particularly through US Cellular, a former wireless operations provider. In recent developments, ratings on the trust's securities were lowered by S&P Global, with Class A-1 moved to BB from BB+ and Class A-2 to BB from BB+, reflecting credit profile adjustments amid underlying issuer dynamics. More significantly, US Cellular, the reference entity for the trust's securities, completed the sale of its wireless operations to T-Mobile US in 2025 for approximately $4.4 billion, transitioning to Array Digital Infrastructure Inc. and retaining ownership of about 4,400 towers, noncontrolling spectrum interests, and a substantial portion of its spectrum portfolio; this strategic shift marks US Cellular's exit from retail wireless, potentially impacting the trust's linked securities performance. Regular distributions continue uninterrupted, including a 2024 ex-dividend payment of $0.31875 per share on December 13 and a 2025 payment on June 12. No recent partnerships, funding rounds, new product launches, or internal reorganizations specific to the trust have been reported.