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The prospectus filed with the SEC describing RTNPR can be found at the following URL:

It is described as an 8.25% equity security unit that consists of a contract to purchase shares of common stock of Raytheon Company and a trust preferred security of RC Trust I, with a stated liquidation amount of $50. Under the purchase contract, the holder is obligated to purchase from Raytheon, on May 15, 2004, a number of shares of common stock equal to the settlement rate for a price of $50. It pays quarterly dividends equivalent to an annual rate of 8.25%.

Having read the above, I'm still not quite sure what it means. The best I can figure is that RTNPR is a preferred stock that pays dividends equivalent to 8.25% (based on a $50 initial offering), and will be converted to common stock on May 15, 2004. If that explanation is incorrect, could somebody please clear up the confusion?

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