The International Swaps and Derivatives Association, Inc. (ISDA) today announced that LCDS dealers voted to hold an auction for European loan-only CDS transactions referencing a credit agreement entered into by, amongst others, the credit known as Lafarge Roofing.
The credit agreement EUR 2,070,000,000 Senior Secured Credit Facilities, (Credit ID ELCDS-Lafarge), was entered into by, amongst others, Financiere Gaillon 7 S.A.S., LR (the credit known as Lafarge Roofing). European loan only CDS (LCDS) transactions refer to Reference Obligations rather than Reference Entities, as is the case in regular CDS and North American LCDS.
The Markit iTraxx LevX Market Makers have determined that a Restructuring Credit Event has occurred in respect of the referenced credit agreement, based on publicly available information.
ISDA will facilitate the process by publishing the auction terms on its website www.isda.org/credit, in due course. The auction will be administered by Markit and Creditex.
