On December 1, 2011 the EMEA Credit Derivatives Determinations Committee resolved that a Failure to Pay Credit Event occurred in respect of SEAT Pagine Gialle S.p.A and resolved that an auction will be held. This page contains details of the DC Resolutions, auction documentation and other items relating to the auction for SEAT Pagine Gialle S.p.A.
Further documentation relating to the auctions will be added as it becomes available.
Please note that only Credit Derivatives Transactions in respect of which (i) SEAT Pagine Gialle S.p.A. is specified as a Reference Entity and (ii) the bond with ISIN XS0190027051 and XS0190027481 (issued by Lighthouse International Company S.A. and guaranteed on a senior subordinated basis by SEAT Pagine Gialle S.p.A., with a coupon of 8% and due 2014) is designated as the applicable Reference Obligation, will constitute "Auction Covered Transactions" for the purposes of the SEAT Pagine Gialle S.p.A. auction. Therefore, it is only these transactions that will settle based on the auction final price determined pursuant to the SEAT Pagine Gialle S.p.A. auction.
Event Publicly Available Information:
The Failure to Pay in question was a failure by the Reference Entity to pay amounts due on, we understand, 27 October 2011 but in any event no later that 31 October 2011 under the loan agreement (the "Loan Agreement"), dated 22 April 2004, between the Reference Entity and Lighthouse International Company S.A. ("LIC"). The failure to pay has continued for 30 days, being the Grace Period applicable to the 8% Senior Notes due 2014 issued by LIC, the interest on which was to be paid with the amounts payable under the Loan Agreement, and thus the longest possible Grace Period applicable to the payments due under the Loan Agreement, as evidenced by the following press releases: From the Reference Entity: http://www.seat.it/seat/download_galleries/press/comunicati_2011/29_11_11_Cos_Seat_en_def.pdf From LIC: http://www.lic-sa.com/LH_PressRelease_3011.pdf A copy of the Loan Agreement has been made available to ISDA.
| Auction Timeline: | Common Event Determination Date: Thursday, December 1, 2011 |
| Related DC Resolutions: | EMEA Determination Committee Decisions |
| List of Participating Bidders: | List of Participating Bidders |
| Deliverable Obligations: | Final List of Deliverable Obligations |
| Auction Settlement Terms: | Auction Settlement Terms for Seat Pagine Gialle S.p.A. |
| Blackline Auction Settlement Terms: | Blackline revised Auction Settlement Terms (12/7/2011) against original Auction Settlement Terms (12/5/2011) |
| Related Press Release: ISDA Credit Derivatives Determinations Committee: SEAT PAGINEGIALLE Credit Event |
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