Event Publicly Available Information:
On 14 July 2017, the Reference Entity announced it had entered into a standstill and forbearance agreement (the \"Agreement\") with certain holders of EUR 290,000,000 Senior Secured Notes (ISINs: XS1181663292 AND XS1181663532) (the \"SSN Notes\"). Under the Agreement, interest payable under the SSN Notes would not be paid before 30 July 2017 which is after end of 30 day grace period. The deferral and non-payment of interest on the SSN Notes past the end of the 30 day grace period appears to fall within the definition of Section 4.5 of both the 2003 and 2014 Definitions.
Common Event Determination Date: 24 July 2017.
Auction Date: 14 September 2017.
Auction Settlement Date: 19 September 2017.
|Final Auction Settlement Terms||
Any dealers wishing to participate in the Auction as a participating bidder should note that the cut-off time to submit a Participating Bidder Letter (a form of which will be attached as Exhibit 1 to the Auction Settlement Terms) will be 5:00p.m. London time on Friday 8 September 2017.
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 2017 Norske Skogindustrier ASA Credit Derivatives Auction Settlement Terms are set out below in Word format.
|DRAFT Auction Settlement Terms||
Market participants have until 5:00pm London time on Thursday 7 September 2017 to submit any comments in respect of the changes to the form of the Auction Settlement Terms.
Timetable regarding publication of Final List:
Friday 1 September: publication of Initial List
5:00p.m. London time on Monday 4 September 2017: deadline for market participants to submit additional obligations for inclusion on the Supplemental List
7:00p.m. London time on Monday 4 September 2017: deadline for publication of the Supplemental List
5:00p.m. London time on Thursday 7 September 2017: deadline for market participants to challenge inclusion of any obligation on the Supplemental List
5:00p.m. London time on Monday 11 September 2017: deadline for DC to resolve any such challenges
Promptly following resolution of all challenges: publication of Final List.
|List of Participating Bidders|