Ahmed & Qazi

A&Q advising 16 financiers in Rs. 13.1B project finance restructuring

A&Q is representing a consortium of banks and financial institutions in the restructuring of the following finance facilities extended to Power Cement Limited:

(1) Syndicated shariah compliant project finance facility of PKR 12.1 billion extended for the purpose of funding the construction and installation of a cement production project with an operational capacity of 7,700 metric tons per day (the Project), and

(2) Syndicated shariah compliant bridge facility of PKR 1 billion extended for the purpose of meeting the operational expenditure and cost-overruns of the Project.

The consortium includes National Bank of PakistanHBL – Habib Bank LimitedFaysal Bank LimitedThe Bank of PunjabAskari Bank Limited, Dubai Islamic Bank Pakistan Limited, Al Baraka Bank Pakistan Ltd.BankIslami Pakistan LimitedSummit Bank LimitedHabib Metropolitan Bank (Subsidiary of AG Zurich)Bank Alfalah LimitedThe Bank of KhyberBank AL Habib LimitedSamba Bank Limited, First Credit and Investment Bank Limited and Pak Oman Investment Company Ltd.

At the stage of project finance as well, A&Q had represented all the financiers.

A&Q team working on this restructuring matter is led by Nazif Ahmed (Head – Corporate) along with Amber Patel (Associate) and various other associates.