Banking & Finance
The Firm has expertise in banking and corporate finance transactions, including secured and unsecured lending, syndicated loans, medium-term loans, letters of credit, etc. We have extensive experience reviewing and preparing security documents, including charges, pledges, hypothecation, bank guarantees, and personal guarantees.
Some significant assignments are listed below.
- The Firm acted as counsel for the originator in the first ever Pakistan true asset-backed listed term finance certificates backed by securitized receivables of Paktel Limited. This complex transaction, valued at approximately US$ 20 million, entailed advising on vendor financing to expand the GSM infrastructure network of the client. Following the closure of vendor financing terms, the repayment structure was then developed using a letter of credit facility backed by the call receivables securitization transaction.
- Counsel in PKR 8 billion syndicated secured term finance facility for a broadband wireless operator. The Firm successfully negotiated the watering down of the security structure for the borrower and freeing up future assets for further financing. We worked closely with the lender’s counsel to translate the off-shore standby credit security letter into on-shore security for the syndicate.
- Acted as associate local counsel for the US$ 250 million foreign calls receivables securitization transaction by PTCL.
- Structuring and documentation for a subordinated loan facility by the foreign shareholders of a wireless broadband operator. The transaction was structured keeping in view the foreign exchange control regime.
- Syndicated Term Finance Facility of PKR 210 million to expand the fibre optic cable network of Nayatel Limited.
- Negotiation and closure of vendor financing terms for a long-term standby vendor finance facility for a wireless operator in Pakistan.
- Pakistan counsel for due diligence and reporting on the financial affairs of the Pakistan subsidiary of Millicom International Cellular SA concerning its internationally placed Revolving Credit Facility Agreement. The due diligence report related to diverse matters, including inter-company loans, external secured loans, compliance with the exchange control regime, shareholder loans, license compliances, dividends, and others.
- Counsel for a borrower in a PKR 225 million secured syndicated medium-term finance facility.
- Counsel for Paktel Limited for its PKR 500 million secured short term local currency facility.
- The Firm has advised the Export-Import Bank of China on the potential breach and cure of the finance documents of three Project Financed Power Generation projects in Pakistan.
- Counsel for a borrower concerning the financing facilities of approx. Rs. 4.3 billion availed by a telecom company for its tower business in July/August 2022
- Counsel for a borrower concerning the financing facilities of approx. Rs. 1.24 billion availed by a telecom company for its tower business in July/August 2021
The Firm has experience in project finance transactions, including:
- Two thermal IPPs reached financial close under the 1994 Power Policy;
- A USD 120 million IFC and COFACE-led project finance transaction for a cellular operator in Pakistan;
- A project finance (limited recourse) loan facility for a telecommunication operator structured through call receivables securitisation and letter of credit deferred payment facility.
- The Firm has advised the Export-Import Bank of China on the potential breach and cure of the finance documents of three Project Financed Power Generation projects in Pakistan
- The Firm acted as counsel for a GSM operator for its USD 120 million project finance facility in Pakistan led by IFC.
- Counsel for the Government of Pakistan in reviewing and advising on the project financing term sheets for the CASA 1000 project. The Project is about laying a transmission line from the Central Asian Republics across Afghanistan and power off-take from remote hydro facilities.
The Firm has acted as Project Counsel for various project financed power projects and has prepared and negotiated project agreements for different renewable energy projects in Pakistan.
Please refer to the Projects Section of our practice area for more detail of project finance experience.
Additionally, the Firm has developed the Standardised Contractual Framework with guidelines for the Infrastructure Project Development Facility (IPDF) for public-private partnerships on limited or non-recourse project financing basis.