EQS-Adhoc

PPC Zeus Designated Activity Company: NOTICE OF BREACH - Seite 2

 

 

 

PPC ZEUS DESIGNATED ACTIVITY COMPANY

(a designated activity company incorporated with limited liability in Ireland under registered number 671216)

(the "Issuer")

NOTICE OF BREACH

to the holders of

€325,020,000 Fixed Rate Asset Backed Notes due 2028 (ISIN: XS2269203316)

(the "Senior Notes")

This announcement is released by the Issuer and may contain inside information for the purposes of Article 7 of EU/UK MAR, encompassing information relating to the Senior Notes described above. For the purposes of EU/UK MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, including as it forms part of UK domestic law by virtue of EUWA, this announcement is made by the Directors of the Issuer.

We refer to: (i) the note trust deed dated 9 April 2021 as amended and restated on 27 July 2023, constituting the Senior Notes and made between the Issuer and Citibank N.A., London Branch (as "Note Trustee") (the "Note Trust Deed"), (ii) the master definitions and framework deed dated 9 April 2021 as amended on 23 June 2021, 22 June 2023, 21 July 2023 and as further amended and restated on 27 July 2023 and made between, among others, the Issuer and Citibank N.A., London Branch (as Note Trustee and as "Security Trustee") (the "Master Definitions and Framework Deed") and (iii) the English law security deed dated 9 April 2021 entered into between the Issuer and the Security Trustee (the “English Law Security Deed”). Capitalised terms used but not otherwise defined in this notice shall have the meanings ascribed to them in the Note Trust Deed, Master Definitions and Framework Deed and/or the English Law Security Deed.

The Issuer hereby provides notice of its breach of paragraph 1.2(a) of Part 1 of Schedule 4 to the Master Definitions and Framework Deed as covenanted to the Note Trustee pursuant to Clause 14 of the Note Trust Deed and as covenanted to the Security Trustee pursuant to Clause 23.2 of the English Law Security Deed by virtue of the failure to deliver to the Note Trustee and the Servicer by 31 December 2023 two copies of the Issuer’s audited financial statements for (i) the financial period ending 31 December 2021 and (ii) the financial period ending 31 December 2022. The Issuer has given notice of the breach to the Note Trustee, Security Trustee, Servicer and Sub-Servicer in accordance with the relevant Transaction Documents. The Issuer also hereby provides notice that the condition to the conditional waiver of the Financial Information Breach (as defined in the July 2023 Deed of Amendment and Restatement) as set out in Clause 12(e) of the July 2023 Deed of Amendment and Restatement  has not been satisfied by virtue of the failure to deliver to the Note Trustee and the Servicer by 31 December 2023 two copies of the Issuer’s audited financial statements for (i) the financial period ending 31 December 2021 and (ii) the financial period ending 31 December 2022.