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Ongoing
Americas DC Meeting Statement – September 24, 2024
In connection with the publication on September 19, 2024 of the Auction Settlement Terms for the Avon Products, Inc. Auction (the Avon Auction Settlement Terms), the Americas DC is publishing this statement regarding the expected timeline for the Physical Settlement of a Representative Auction-Settled Transaction (RAST) formed pursuant to the Avon Auction Settlement Terms and the procedures by which a Buy-in may occur pursuant to the Section 9.7 (Buy-in of Bonds Not Delivered) of the 2014 ISDA Credit Derivatives Definitions, as published by the International Swaps and Derivatives Association, Inc., as amended by the Avon Auction Settlement Terms.
Americas DC Statement - RAST Settlement Timeline and Buy-In Process Summary (Avon Products, Inc.)
Americas DC Decision - Meeting Statement - Issue Number 2024081301 (Avon Products_ Inc.) - 9/24/2024
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Final List Published
In relation to producing the Final List for the Avon Products, Inc. Auction, the Americas DC received a challenge by the U.S. special situations trading desk of Barclays Bank plc and certain other Eligible Market Participants relating to the non-inclusion on the Initial List of the USD 405,000,000 Promissory Note of Avon Products, Inc. to Natura &Co UK Holdings Plc dated May 17, 2022 (the Promissory Note). No response to the challenge was received by the Americas DC by the end of the response period. After considering the challenge, the Americas DC has Resolved the challenge and determined that the Promissory Note should not be added to the Final List. The Americas DC has published the Final List.
The Americas DC will publish an additional statement in due course that will address the challenge.
Americas DC - Final List of Deliverable Obligations - Issue Number 2024081301(Avon Products Inc)
Americas DC Decision - Final List - Issue Number 2024081301 (Avon Products, Inc)
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List of Participating Bidders Published
List of Participating Bidders - Americas DC - Issue Number 2024081301 (Avon Products, Inc.)
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Final Auction Terms Published
2024 Avon Products, Inc. Credit Derivatives Auction Settlement Terms 9/19/2024
Redline of Auction Settlement Terms against Rite Aid Corporation
Americas DC Decision - ASTs and Proposed Bidders - Issue Number 2024081301 (Avon Products, Inc) 9/19/2024
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Ongoing
The Americas DC validly received a challenge, prior to the 5:00pm New York time Challenge Deadline, from Barclays Bank plc relating to the non-inclusion on the Initial List of the USD 405,000,000 Promissory Note of Avon Products, Inc. to Natura &Co UK Holdings Plc dated May 17, 2022 (the Promissory Note).
Avon Products, Inc – Challenge Submission
Please submit any responses to this challenge by 5pm New York time, Thursday September 19, 2024. Responses (including any information required to be submitted pursuant to 3.3(d) of the DC Rules) may be submitted by sending an email to the following email address:
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Auction Information Published
Americas DC Decision -Required Information for Auction Settlement Terms- Issue Number 2024081301 (Avon Products, Inc.) - 9/17/2024
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Ongoing
Americas DC Meeting Statement – September 12, 2024
The Americas DC met on September 12, 2024 to continue its discussions in relation to the Initial List and agreed to publish the following Meeting Statement: Americas DC Meeting Statement – September 12, 2024
Americas DC Decision - Meeting Statement - Issue Number 22024081301 (Avon Products_ Inc.) - 9/13/2024
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Initial List Published
Americas DC - Initial List of Deliverable Obligations - Issue Number 22024081301(Avon Products, Inc.) 9/12/2024
Submission of Potential Deliverable Obligations and Challenges.
Americas DC Decision - Issue Number 22024081301 (Avon Products_ Inc.) - 9/12/2024
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Ongoing
Americas DC Meeting Statement – September 10, 2024
The DC Secretary has received a request pursuant to Section 3.3(b) of the DC Rules to add the Promissory Note (as defined in the Americas DC Avon Products, Inc. DC Statement published on September 5, 2024) to the Initial List, as well as possible additional information relating to the Promissory Note.
To provide time to consider this additional information, the Americas DC is therefore extending the deadline for publication of the Initial List until Thursday, September 12. A revised timetable for Avon Products, Inc. Deliverable Obligation list publication is set out on the DC website.
The Americas DC intends to publish a statement explaining its views regarding the deliverability of the Promissory Note in connection with the publication of the Initial List.
Americas DC Decision September 10, 2024
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Preliminary List Published
Americas DC Avon Products Inc Preliminary List
Americas DC Meeting Statement – September 5, 2024
Further to the Americas DC Statement of August 23, 2024, the Americas DC notes that in publishing the Preliminary List for the Avon Products, Inc. Auction on September 5, 2024, the Americas DC did not include the USD 405,000,000 Promissory Note of Avon Products, Inc. to Natura &Co UK Holdings Plc dated May 17, 2022 (the Promissory Note). The Americas DC was unable, based on the publicly available information and DO Documentation currently available to it, to conclude at this time that the Promissory Note satisfied the “Bond or Loan” Deliverable Obligation Category and will publish a statement relating to the Promissory Note in due course. Eligible Market Participants may choose to submit additional obligations for inclusion on the Initial List and are not precluded from proposing the Promissory Note for inclusion or from submitting additional publicly available information (including information relating to amendments, transfers and/or related documentation) relevant to the question of whether the Promissory Note satisfies the “Bond or Loan” Deliverable Obligation Category.
Additional obligations proposed for inclusion on the Initial List may be submitted by Eligible Market Participants to the DC Secretary pursuant to the DC Rules. See “Submission of Potential Deliverable Obligations and Challenges.”
Americas DC Decision September 5, 2024
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Ongoing
Americas DC Decision - Auction Timeline - Issue Number 22024081301 (Avon Products, Inc.) - 9/3/2024
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Ongoing
The Americas DC met today to continue its discussions in relation to the DC Question and Preliminary List, including the US$405,000,000 Promissory Note to Natura &Co UK Holdings Plc.
The Americas DC agreed to continue its discussions on the Preliminary List on Tuesday, September 3.
Americas DC Decision Avon - August 30, 2024 Statement
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Ongoing
Americas DC Decision - Auction Timeline - Issue Number 22024081301 (Avon Products, Inc.) - 8/26/2024
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Ongoing
The Americas DC met on August 22, 2024 to discuss the Avon Products, Inc. (Avon) Credit Event, including Auction timing and potential Deliverable Obligations. The Americas DC agreed to reconvene on Monday, August 26, 2024 to continue discussions with respect to the Avon Auction Date and terms, as well as potential Deliverable Obligations.
The Americas DC notes that it has only obtained the following DO Documentation (as defined in the DC Rules) in relation to the following Avon obligations:
6.95% Notes, Due 2043
US$405,000,000 Promissory Note to Natura &Co UK Holdings Plc
The Americas DC is currently considering whether the above obligations are Deliverable Obligations. In particular, the Americas DC is considering whether the specific terms of the above Promissory Note satisfies the “Bond or Loan” Deliverable Obligation Category (including the “Borrowed Money” definition). Market Participants are encouraged to submit any other DO Documentation in relation to any Avon obligations to dcsecretary@cdsdeterminationscommittees.org
Americas DC Decision Avon Auction - 8_23_2024 Statement
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Ongoing
The Americas DC met today to continue its discussions in relation to the DC Question. The Americas DC agreed to continue its discussions on the Avon Products, Inc. auction details during the course of this week.
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Ongoing
Americas DC Decision - Issue Number 22024081301 (Avon Products, Inc.) - 8/15/2024
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Request Accepted by DC
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Pending DC Consent
