Further to the announcement by the Administrators on June 16 2016 that Norske Skog’s EUR150,000,000 11.75% Senior Unsecured Notes due 2016 (Deliverable Obligation Number 1) were repaid in full on June 15 2016 (see http://www.creditfixings.com/CreditEventAuctions/holdings.jsp?auctionId=9084), pursuant to Section 13(b) of the Auction Settlement Terms, Deliverable Obligation Number 1 shall be deemed to be removed from the Final List for the purposes of the Auctions in respect of Buckets 2, 3 and 4 (and therefore shall not, for the avoidance of doubt, constitute a Permissible Deliverable Obligation for such other Buckets).
The Exercise Cut-off Date for a Seller wishing to deliver a Credit Event Notice expired on Tuesday 7 June 2016.
The Exercise Cut-off Date for a Buyer wishing to deliver a Credit Event Notice expired on Friday 10 June 2016.
The Auction Date will be Wednesday 22 June 2016.
The Movement Option Cut-off Date in respect of 2014 Transactions and Updated 2003 Transactions expired on Thursday 16 June 2016.
For convenience, the Form of Customer Physical Settlement Request Letter and Form of Notice of Physical Settlement attached as Exhibit 2 and Exhibit 3, respectively, to the 2016 Norske Skogindustrier ASA Credit Derivatives Auction Settlement Terms are set out below in Word format. Market participants are reminded that any such letter or notice, as well as any other Auction-related letter, notice or submission, should make it clear to which Auction Bucket such letter, notice or submission relates. This clarification has been included in the Word formats of the Form of Customer Physical Settlement Request Letter and Form of Notice of Physical Settlement set out below.
Further to the announcement by the Administrators on June 16 2016 that Norske Skog’s EUR150,000,000 11.75% Senior Unsecured Notes due 2016 (Deliverable Obligation Number 1) were repaid in full on June 15 2016 (see http://www.creditfixings.com/CreditEventAuctions/holdings.jsp?auctionId=9084), pursuant to Section 13(b) of the Auction Settlement Terms, an Auction in respect of Bucket 1 shall not be held on the Auction Date (June 22 2016) and instead an Auction in respect of Bucket 1 will be deemed to have been held on such date and the Auction Final Price in respect thereof will be deemed to be 100 percent. Further, Deliverable Obligation Number 1 shall be deemed to be removed from the Final List for the purposes of the Auctions in respect of Buckets 2, 3 and 4 (and therefore shall not, for the avoidance of doubt, constitute a Permissible Deliverable Obligation for such other Buckets).
Deriv/SERV Norske Skogindustrier ASA Triggered Transaction Data
