Winners in the fourth auction of the Pilot Auction Facility took hold of a puttable bond (PAFERNs) which can be redeemed in November 2021. This timeline highlights the steps necessary to redeem PAFERNs: PAFERNs400001
|Sep. 3, 2021||Sep. 24, 2021||Oct. 15, 2021||Nov. 5, 2021||Nov. 15, 2021||Nov. 30, 2021|
|First day for Noteholders to deliver a Final Redemption Notice and definitive registered Certificate, including identification of Carbon Credits for the First Check.||Deadline for Noteholders to deliver (i) a Final Redemption Notice and definitive registered Certificate, including identification of Carbon Credits for the First Check; and (ii) the EHS Audit Report(s) to the Verification Agent.||Deadline for Verification Agent to qualify Carbon Credits at First Check and send confirmation to Noteholder.||Deadline for Noteholders to transfer Qualifying Carbon Credits from an Eligible Account from First Check to specified Verification Agent’s Carbon Credit Account.||Deadline for Verification Agent to qualify Carbon Credits at Second Check and send confirmation to the Global Agent, the Calculation Agent and the Bank.||Maturity Date|
|Final Redemption Notice Deadline||Sep. 24, 2021|
|Maturity Date||Nov. 30, 2021|
|Eligible Issuance Date||Any date between and including Jul 1, 2020 and Sep. 24, 2021|
|Eligible Monitoring Period start date||Any date between and including Mar 3, 2020 and Dec. 31, 2020|
DISCLAIMER: This Q&A has been prepared by the PAF Secretariat to assist Noteholders in locating in the Final Terms relevant information about the PAFERNs redemption process. The Final Terms remains the definitive binding document on Noteholders and the Issuer. The Final Terms can be found on this webpage:
- Where can I find the fillable version of the Final Redemption Notice
The fillable version of the the Final Redemption Notice can be downloaded by using this link.
- Can you please clarify the eligible monitoring period dates, issuance dates, deadline for the Final Redemption Notice, and Maturity date?
The information can be found in section D: “Eligible Generation / Issuance Period” of this webpage:https://www.pilotauctionfacility.org/content/fourth-auction-eligibility-...
- Are Carbon Credits generated from a project with a monitoring period starting prior to March 3, 2020 but issued after the auction date eligible?
Eligible credits must come from monitoring reports with a start date beginning on or after March 3, 2020. Credits from projects with a monitoring report beginning before this date are not eligible. Projects with continuous monitoring of emission reductions both prior to and after March 3, 2020. would have to create a monitoring period such that the monitoring report start date begins on or after JMarch 3, 2020..
- What exactly is the courtesy notice of Notice Period and how will the IBRD send it to Noteholders?
The courtesy notice is a reminder to noteholders to make the appropriate arrangements in order to deliver the Final Redemption Notice. Citibank will send the courtesy notice. The method of transmittal between the custodian bank and the noteholder should be discussed between these two parties.
- What is the procedure to deliver the EHS Audit Report to the Verification Agent?
The hard copy of the EHS report must be separately delivered by regular mail to the Verification Agent at the address listed in the last page of the Final Terms. The delivery of the EHS Audit Report is a condition to Final Redemption. In addition to the hard copy, and for easier processing, Noteholders are strongly encouraged to also send the EHS Audit Report by e-mail to the Verification Agent at: PAF_Verification@kommunalkredit.at . Sending the EHS Audit Report by e-mail does not replace the requirement to send the hard copy to the Verification Agent at the address listed in the last page of the Final Terms.
- Which channel of communication (email, letter) will be used for the noteholders to receive confirmation from the Verification Agent?
Noteholders will receive confirmation from the Verification Agent (PAF_Verification@kommunalkredit.at) via email transmitting the result of the First Check.
- Where do we find the account details (Registry Account) to transfer the Qualifying Carbon Credits to the Verification Agent?
The account details of the Verification Agent can be found on Annex A-27 of the PAFERNs.
- Will the IBRD or the verification agent review the eligibility of EHS reports, monitoring reports, or any other information prior to submission of the Final Redemption Notice?
No. Neither IBRD nor the Verification Agent will confirm the eligibility of reports prior to submission of the Final Redemption Notice. It is incumbent on the noteholders to reference the eligibility criteria and ensure that their credits meet these criteria.