Pizzaexpress Financing 1 PLC

Event Publicly Available Information:

Has a Failure to Pay Credit Event occurred with respect to PizzaExpress Financing 1 plc?

The Eligible Market Participant that submitted the Potential DC Issue noted that according to an announcement dated 3 September 2020, PizzaExpress Financing 1 plc did not make the interest payment with respect to its outstanding Senior Notes (XS1028948047) and therefore an event of default has occurred under the indenture.

Company Announcement - 03 September 2020

Auction Settlement Terms

Note that the Auction will only apply to 2014 Transactions. This is because the Deliverable Obligations were not identical for the 2014 Transactions and the Updated 2003 Transactions. Therefore, it was not possible to hold a single Auction in respect of both 2014 Transactions and Updated 2003 Transactions. In respect of Updated 2003 Transactions, the No Auction Announcement Date is 23 September 2020.

Deliverable Obligations

Final List

Timetable

Event Determination Date: 4 September 2020

5:00 pm London time on Monday 28 September 2020: deadline for any market participant who wishes to participate in the PizzExpress Financing 1 PLC Auction to submit a Participating Bidder Letter to the DC Secretary. Please contact the DC Secretary as soon as possible (and in any event ahead of the deadline) for further details.

5:00 pm London time on Wednesday 30 September 2020: deadline for submission of Customer Physical Settlement Requests to the relevant Participating Bidder.

Thursday 1 October 2020: Auction Date.

4:00pm London time on Friday 2 October 2020: deadline for Buyers to deliver Notices of Physical Settlement to Sellers in respect of any Representative Auction–Settled Transactions.

Tuesday 6 October 2020: Auction Settlement Date.

4:00pm London time on Wednesday 7 October 2020: deadline for Sellers to deliver Notices of Physical Settlement to Buyers in respect of any Representative Auction–Settled Transactions.

Wednesday 21 October 2020: Physical Settlement Date in respect of any Representative Auction–Settled Transactions.

Upcoming DC Meetings
This Event
- No meetings scheduled
All Meetings
- No upcoming meetings
Additional Information

Issue Number:

2020090401

Submitted by:

General Interest Question

Category:

Credit Event

Coverage Election:

2014 and 2003 Definitions

Status:

Closed

Outcome:

Question Decided
Procedural History
- Closed
  
  10/21/2020 12:00pm EDT
- List of Participating Bidders Published
  
  List of Participating Bidders
  DC Decision
  9/29/2020 01:00pm EDT
- Final List Published
  
  Final List
  9/29/2020 01:00pm EDT
- Final Auction Terms Published
  
  Final Auction Settlement Terms
  DC Decision
  9/25/2020 12:55pm EDT
- Supplemental List Published
  
  Supplemental List
  Instructions for challenging an obligation
  Please note that the deadline for challenging any potential Deliverable Obligations on the Supplemental List is 5:00 p.m. London time on Monday 28 September 2020.
  9/25/2020 05:40pm EDT
- Initial List Published
  
  Initial List
  Instructions for submission of potential Deliverable Obligations
  9/23/2020 10:15am EDT
- Draft Auction Terms Published
  
  Draft Auction Settlement Terms
  Compare against HEMA Bondco I B.V. Auction Settlement Terms
  Compare against Matalan Finance plc Auction Settlement Terms
  DC Decision
  
  EMEA DC – 23 September 2020
  
  The EMEA DC met on 21 September 2020 to discuss the Auction in respect of PizzaExpress Financing 1 plc. The EMEA DC has published the draft Auction Settlement Terms for the Auction to be held on 1 October 2020 in respect of PizzaExpress Financing 1 plc. Note that these Auction Settlement Terms will only apply to 2014 Transactions. This is because the Deliverable Obligations were not identical for the 2014 Transactions and the Updated 2003 Transactions. Therefore, it was not possible to hold a single Auction in respect of both 2014 Transactions and Updated 2003 Transactions. In respect of Updated 2003 Transactions, the No Auction Announcement Date is 23 September 2020.
  
  Please contact the DC Secretary with any comments in relation to the draft Auction Settlement Terms by no later than 5pm London time on Friday 25 September 2020.
  
  The EMEA DC has also published an Initial List in respect of the Auction to be held in respect of 2014 Transactions. If an Eligible Market Participant wishes to propose an additional obligation for inclusion on the Supplemental List, please contact the DC Secretary by 5pm London time on 25 September 2020. The Supplemental List will be published shortly after the deadline.
  9/23/2020 03:10pm EDT
- Ongoing
  
  DC Decision 9 September 2020
  The EMEA DC met on Tuesday 8 September 2020 to discuss whether a Failure to Pay Credit Event had occurred with respect to PizzaExpress Financing 1 plc (the Reference Entity) due to the non-payment of interest on the £200,000,000 8.625% Senior Notes due 2022 issued by the Reference Entity (the SUNs).
  The EMEA DC considered the announcement of the Reference Entity that was submitted by the Eligible Market Participant that raised the DC Question. The announcement confirmed that the relevant interest payment was not made and that the grace period had expired. As a result, the EMEA DC determined that the Reference Entity had failed to make payments in respect of the SUNs in excess of the Payment Requirement and that the applicable Grace Period had expired.
  The EMEA DC also considered the 2019 Narrowly Tailored Credit Event Supplement to the 2014 Credit Derivatives Definitions and concluded that there was sufficient Eligible Information to determine that the Credit Deterioration Requirement was satisfied in respect of 2014 Transactions.
  Accordingly, the EMEA DC concluded that a Failure to Pay Credit Event had occurred with respect to the Reference Entity and the date of the Failure to Pay Credit Event was 2 September 2020. The EMEA DC will meet again in due course to discuss the Auction in respect of the Reference Entity.
  9/09/2020 05:00am EDT
- Request Accepted by DC
  
  9/04/2020 09:35am EDT
- Pending DC Consent
  
  9/04/2020 06:05am EDT