Corts Trust for BellSouth Debentures
KTBA
Other OTC- -
USD
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Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Financial - Credit Services
- Address
- United States of America
- IPO Date
- May 16, 2007
- Similar Companies
- Business
- Corts Trust for BellSouth Debentures (KTBA) operates as a special purpose trust that issues 7.00% Corporate-Backed Trust Securities (CorTS) certificates backed by underlying BellSouth Telecommunications Inc. one hundred year 7% debentures due December 1, 2095; these certificates carry a principal amount of $25 per unit, pay semiannual interest on June 1 and December 1, and trade flat with accrued interest reflected in the price. The trust holds solely these long-term debentures issued by BellSouth Telecommunications Inc., a former subsidiary of BellSouth Corp., providing fixed-income securities to investors seeking high-yield preferred-like instruments in the structured products sector. KTBA trades over-the-counter with no redeemable feature for the certificates and maintains a focus on stable dividend distributions, evidenced by recent semiannual payouts such as $0.875 on ex-dates May 30, 2025, and November 29, 2024. Established around 1999 in connection with the issuance of the underlying debentures maturing in 2095 by BellSouth Telecommunications Inc., the trust lacks traditional headquarters operations as a passive entity but relates to Structured Products Corp., an indirect subsidiary historically tied to Salomon Smith Barney Holdings and later Aon plc (Ireland). Geographically, it serves U.S. investors through OTC markets, with no active international operations beyond standard securities trading. In recent developments within the last 1-2 years, the trust has seen stable dividend continuity amid fluctuating share prices around $20-$21, with no major acquisitions, funding rounds, or product launches reported; however, earlier activity in 2023 involved a cash tender offer by 745 Capital LLC at $19.00 per certificate, which the trust addressed neutrally without recommendation, alongside an extension of the offer, marking a significant liquidity event for holders. Ongoing price volatility persists, with year-to-date returns around 3.80% and a dividend yield approximating 7.95%-8.33%, reflecting resilience in a low-interest environment despite the legacy BellSouth structure post its 2006 acquisition by AT&T. No reorganizations, name changes, or strategic expansions have occurred recently, underscoring the trust's static operational profile.