October 20, 2021 (MLN): Telecard’s outstanding Term Finance Certificates (TFCs) have been successfully restructured after the consent of the majority of TFC holders.
That restructuring would pave the way for the regulatory approvals for the planned IPO of its subsidiary, Supernet Limited.
The company had raised Rs2.4bn through its TeleTFC, paying back Rs1.7b to the creditors so far.
The company had been in discussions with its TFC holders for the said restructuring for the last few months.
The restructuring term spreads over a period of 8 years with the first payment of principal starting from March 2022 and thereafter in equal quarterly installments, with maturity in December 2028.
According to the notice issued to Exchange, ln the event, the issuer is successfully able to execute Offer For Sale (OFS) of its wholly-owned subsidiary, Supernet Limited, then a prepayment of up to 3 (three) principal quarterly installments (equivalent to 15% of the total outstanding principal) that would fall due immediately after the OFS would be paid through a single bullet payment from the proceeds of the said OFS subject to the condition that such proceeds would be not less than PKR 250 million.
The role of Trustee of the TFCs shall now be undertaken by Pak Brunei lnvestment Company Limited, the notice said.
