Galapagos Holding SA

Has a Failure to Pay Credit Event occurred with respect to Galapagos Holding SA?

Event Publicly Available Information:

According to a statement from 17 July 2019 Galapagos Holding S.A. did not make the interest payment on its outstanding notes XS1071420027 until 15 July 2019, which is the end of the 30-day grace period (coupon was due on 15 June 2019). and therefore an event of default has occurred under the indenture. Furthermore, the Galapagos Holding S.A. states in this statement that talks with Senior noteholders are ongoing.

Company Statement 17 July 2019

The EMEA DC has determined that a Failure to Pay in respect of the Reference Entity’s 7% Senior Notes due 2022 had occurred on July 17, 2019.


Auction Timeline	Common Event Determination Date: July 17, 2019 Auction Date: August 7, 2019 Auction Settlement Date: August 12, 2019

Settlement Terms	Auction in respect of 2014 Transactions 2019 Galapagos Holding S.A. Auction Settlement Terms 2019 Galapagos Holding S.A. Auction Settlement Terms blacklined against DRAFT 2019 Galapagos Holding S.A. Auction Settlement Terms EMEA DC Statement August 2, 2019: Further to the publication of the Auction Settlement Terms in relation to Galapagos Holding S.A. on Friday 2 August 2019, market participants should note the timing of the following auction/settlement‐related key events/deadlines: 5:00 p.m. London time on Monday 5 August 2019: deadline for any market participant who wishes to participate in the Galapagos Holding S.A. Auction to submit a Participating Bidder Letter to the DC Secretary. 5:00 p.m. London time on Tuesday 6 August 2019: deadline for submission of Customer Physical Settlement Requests to the relevant Participating Bidder. Wednesday 7 August 2019: Auction Date. 4:00 p.m. London time on Thursday 8 August 2019: deadline for Buyers to deliver Notices of Physical Settlement to Sellers in respect of any Representative Auction‐Settled Transactions. Monday 12 August 2019: Auction Settlement Date. 4:00 p.m. London time on Friday 23 August 2019: deadline for Sellers to deliver Notices of Physical Settlement to Buyers in respect of any Representative Auction‐Settled Transactions. Monday 7 October 2019: Physical Settlement Date in respect of any Representative Auction‐Settled Transactions.

Deliverable Obligations	Auction in respect of 2014 Transactions Final List Initial List Supplemental List Timetable for publication of Final List Friday 26 July 2019: publication of Initial List. 5:00 p.m. London time Monday 29 July 2019: deadline for submitting additional potential Deliverable Obligations to the DC Secretary for inclusion on the Supplemental List. Please see Submission of Potential Deliverable Obligations and Challenges Note below for further information on making such a submission. 7:00 p.m. London time Monday 29 July 2019: publication of the Supplemental List. 5:00 p.m. London time Thursday 1 August 2019: deadline for challenging obligations on the Supplemental List. Please see Submission of Potential Deliverable Obligations and Challenges Note below for further information on making such a challenge. 5:00 p.m. London time Monday 5 August 2019: if applicable, deadline for resolving challenges. After 5:00 p.m. London time on Monday 5 August 2019 (or earlier if no challenges received): publication of the Final List. Submission of Potential Deliverable Obligations and Challenges

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Additional Information

Issue Number:

2019071701

Submitted by:

General Interest Question

Category:

Credit Event

Coverage Election:

2014 Definitions

Status:

Closed

Outcome:

Question Decided
Procedural History
- Closed
  
  8/12/2019 05:20am EDT
- List of Participating Bidders Published
  
  Auction in respect of 2014 Transactions
  List of Participating Bidders
  8/06/2019 10:50am EDT
- Ongoing
  
  DC Decision August 6, 2019
  8/06/2019 10:50am EDT
- Final List Published
  
  Final List
  8/02/2019 01:05pm EDT
- Final Auction Terms Published
  
  Auction in respect of 2014 Transactions
  2019 Galapagos Holding S.A. Auction Settlement Terms
  2019 Galapagos Holding S.A. Auction Settlement Terms blacklined against DRAFT 2019 Galapagos Holding S.A. Auction Settlement Terms
  DC Decision August 2, 2019
  EMEA DC Statement August 2, 2019:
  Further to the publication of the Auction Settlement Terms in relation to Galapagos Holding S.A. on Friday 2 August 2019, market participants should note the timing of the following auction/settlement‐related key events/deadlines:
  5:00 p.m. London time on Monday 5 August 2019: deadline for any market participant who wishes to participate in the Galapagos Holding S.A. Auction to submit a Participating Bidder Letter to the DC Secretary.
  5:00 p.m. London time on Tuesday 6 August 2019: deadline for submission of Customer Physical Settlement Requests to the relevant Participating Bidder.
  Wednesday 7 August 2019: Auction Date.
  4:00 p.m. London time on Thursday 8 August 2019: deadline for Buyers to deliver Notices of Physical Settlement to Sellers in respect of any Representative Auction‐Settled Transactions.
  Monday 12 August 2019: Auction Settlement Date.
  4:00 p.m. London time on Friday 23 August 2019: deadline for Sellers to deliver Notices of Physical Settlement to Buyers in respect of any Representative Auction‐Settled Transactions.
  Monday 7 October 2019: Physical Settlement Date in respect of any Representative Auction‐Settled Transactions.
  8/02/2019 04:36pm EDT
- Supplemental List Published
  
  Supplemental List
  7/29/2019 05:05pm EDT
- Initial List Published
  
  Initial List
  7/26/2019 01:05pm EDT
- Draft Auction Terms Published
  
  Draft 2019 Galapagos Holding S.A. Auction Settlement Terms
  Redline of draft 2019 Galapagos Holding S.A. Auction Settlement Terms against 2019 Rallye Auction Settlement Terms
  
  7/26/2019 01:00pm EDT
- Ongoing
  
  DC Decision July 26, 2019
  EMEA DC Statement July 26, 2019
  The EMEA DC agreed to publish the Initial List and a draft form of the 2019 Galapagos Holding S.A. Credit Derivatives Auction Settlement Terms.
  In relation to the Initial List, Market Participants should note that the deadline for submitting additional potential Deliverable Obligations to the DC Secretary for inclusion on the Supplemental List is at 5:00 p.m. London time on Monday 29 July 2019.
  In relation to the Auction Settlement Terms, Market participants should note that the public comment period will end at 5:00 p.m. London time on Friday 2 August 2019. In addition, the EMEA DC agreed to hold the Auction on Wednesday 7 August 2019.
  7/26/2019 01:00pm EDT
- Ongoing
  
  DC Decision July 19, 2019
  EMEA DC Statement July 19, 2019
  The EMEA DC met on July 19, 2019 to begin discussions in relation to Galapagos Holdings SA. The DC determined that a Failure to Pay in respect of the Reference Entity’s 7% Senior Notes due 2022 had occurred on July 17, 2019.
  The DC made this determination on the basis of the Reference Entity’s announcement of July 17, 2019. The DC noted that, as set out in the Offering Memorandum in respect of the Senior Notes, the payment date on June 15, 2019 was adjusted to the next following Business Day, being June 17, 2019. The grace period in respect of the June interest payment therefore expired at the end of July 17, 2019. The Reference Entity’s investor relations team confirmed this, and also confirmed that the payment was not made subsequent to the Reference Entity’s announcement on the morning of July 17, 2019. The date of the Failure to Pay was therefore July 17, 2019, being the last day of the grace period (see Section 1.50 of the 2014 Definitions).
  In relation to the Reference Entity’s previous announcement of July 3, 2019, the Reference Entity’s investor relations team confirmed to the DC that the relevant interest payment was originally credited in consequence of an administrative error, and that it was promptly reversed in the relevant systems. Accordingly, the DC determined that this interest payment had not been made when and where due.
  The DC also resolved to hold an Auction in relation to 2014 Transactions. The DC will meet again in the coming days to discuss how to proceed in relation to settlement.
  Capitalised terms used but not defined in this Meeting Statement have the meaning given to them in the Credit Derivatives Determinations Committees Rules (September 28, 2018 version) (including in the 2014 Definitions, as defined therein).
  7/19/2019 04:20pm EDT
- Request Accepted by DC
  
  7/17/2019 05:25pm EDT
- Pending DC Consent
  
  7/17/2019 11:20am EDT