Initial List Published
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
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