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.
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.
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.
