Has a Failure to Pay Credit Event occurred with respect to New Look Senior Issuer plc?
Event Publicly Available Information:
The below was submitted by the Eligible Market Participant that submitted the issue to the EMEA DC:
The appointment of administrators in respect of New Look Finance Limited on 3 May 2019 constituted an event of default under the £200,000,000 8 per cent. fixed rate senior notes due 2023 (the "Senior Notes") of New Look Senior Issuer plc (the "Reference Entity") which pursuant to their terms became immediately due and payable without any declaration or other act on the part of the Trustee or holders of the notes. As the Reference Entity has not repaid the Notes, the Eligible Market Participant that submitted the issue believes that a Failure to Pay Credit has occurred in respect of the Reference Entity.
RNS announcement
Trustee Notice - 9 May 2019
Trustee Notice - 14 May 2019
The EMEA DC resolved that a Failure to Pay Credit Event has occurred in respect of New Look Senior Issuer plc.
| Auction Timeline | Common Event Determination Date: May 15, 2019 Auction Date: June 5, 2019 Auction Settlement Date: June 10, 2019 |
| Settlement Terms | Auction in respect of 2014 Transactions and Updated 2003 Transactions 2019 New Look Senior Issuer plc Auction Settlement Terms EMEA DC Statement May 31, 2019: Further to the publication of the Auction Settlement Terms in relation to New Look Senior Issuer plc on Friday 31 May 2019, market participants should note the timing of the following auction/settlement‐related key events/deadlines: 5:00 p.m. London time on Monday 3 June 2019: deadline for any market participant who wishes to participate in the New Look Senior Issuer plc Auction to submit a Participating Bidder Letter to the DC Secretary. 5:00 p.m. London time on Tuesday 4 June 2019: deadline for submission of Customer Physical Settlement Requests to the relevant Participating Bidder. Wednesday 5 June 2019: Auction Date. 4:00 p.m. London time on Thursday 6 June 2019: deadline for Buyers to deliver Notices of Physical Settlement to Sellers in respect of any Representative Auction‐Settled Transactions. Monday 10 June 2019: Auction Settlement Date. 4:00 p.m. London time on Friday 21 June 2019: deadline for Sellers to deliver Notices of Physical Settlement to Buyers in respect of any Representative Auction‐Settled Transactions. Friday 2 August 2019: Physical Settlement Date in respect of any Representative Auction‐Settled Transactions. |
| Deliverable Obligations | Auction in respect of 2014 Transactions and Updated 2003 Transactions Timetable for publication of Final List: Friday 24 May 2019: publication of Initial List. 5:00 p.m. London time Tuesday 28 May 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. Wednesday 29 May 2019: publication of the Supplemental List. 5:00 p.m. London time Monday 3 June 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 Tuesday 4 June 2019: if applicable, deadline for resolving challenges. After 5:00 p.m. London time on Tuesday 4 June 2019 (or earlier if no challenges received): publication of the Final List. Submission of Potential Deliverable Obligations and Challenges |
| List of Participating Bidders | Auction in respect of 2014 Transactions and Updated 2003 Transactions List of Participating Bidders in the New Look Senior Issuer plc Auction |