Ahmed & Qazi

A&Q closes Libor to Sofr transition: cross-border project finance

Representing Islamic Corporation for the Development of the Private Sector (ICD), The OPEC Fund for International Development and DEG Deutsche Investitions und Entwicklungsgesellschaft mbH, A&Q successfully closed 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 as local legal counsel the above foreign financiers at the project finance stage as well.

A&Q team was led by Nazif Ahmed (Head — Corporate).