A&Q is representing as counsel Islamic Corporation for the Development of the Private Sector (ICD), The OPEC Fund for International Development (OFID), and DEG Deutsche Investitions und Entwicklungsgesellschaft mbH (DEG) in all legal work related to the transition from London Inter-Bank Offer Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR) in relation to the following project finance facilities extended to Power Cement Limited:
(1) Syndicated Musharaka Project Finance Facility for an amount of US$35,000,000/- extended by ICD and OFID, and
(2) Term Facility for an amount of €15,000,000/- extended by DEG.
A&Q had represented the foreign financiers at the project finance stage as well.
A&Q team working on this matter comprises Nazif Ahmed (Head — Corporate), Amber Patel (Associate), and other associates at the firm.