Banking & Finance

Corporate Finance

 

The Firm has the 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 in reviewing and preparing security documents including charges, pledges, morgage, hypothecation, bank guarantees and personal guarantees etc.

Some key assignments are listed below:

  • The Firm acted as counsel for the originator in the first ever in 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 for expansion of the GSM infrastructure network of the client.  Following 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 watering down of the security structure for the borrower, freeing up future assets for further financing.  We worked closely with the lender’s counsel in translating the off-shore standby letter of credit security 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 for the expansion of 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 S.A. in relation to 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 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.

 

Project Finance

Partners at the Firm have extensive experience of project finance transactions, including:

  • 2 thermal IPPs which reached financial close under the 1994 Power Policy;
  • USD 120 million IFC and COFACE-led project finance transaction for a cellular operator in Pakistan;
  • Project finance (limited recourse) loan facility for a telecommunication operator structured through call receivables securitisation and letter of credit deferred payment facility; and
  • Firm has advised to the Export-Import Bank of China on the potential breach and cure of the finance documents of the 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 the review and advice 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.

Firm has acted as project counsel of various power projects based on project financing and has prepared and negotiated project agreements for various renewable energy projects in Pakistan.

Please refer 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.