The ISDA Determinations Committee has determined that a Failure to Pay Credit Event (“Credit Event”) occurred with respect to Sabine Oil & Gas Corporation (formerly known as Forest Oil Corporation). See the following: <<<https://dc.isda.org/>>>
Sabine Oil & Gas Corporation is referenced in the following CDX North American High Yield Indices:
CDXHY14V8.SR.XR.USD (expires 6/22/15)
The Event Determination Date is Thursday, May 28, 2015. The number of accrued days between the previous coupon date and the Event Determination Date is 70 days.
Event Determination Date (EDD) – is the date on which the credit event was deemed to have occurred. The Event Determination Date is the key date that drives processing and the economics of the contract.
Note: Since CME Clearing only offers index contracts there will be no single-name contract affected by this Credit Event, nor will there be a recovery swap made available for clearing on this single name.
Additional advisory notices will be published detailing the Auction and Final Processing dates.
If you have questions, please contact the CME Client Services Team at firstname.lastname@example.org.
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