December 10, 2024 (MLN): TRGI portfolio company Afiniti, Ltd., a global customer experience and artificial intelligence provider, has completed its financial restructuring and recapitalization transaction with its secured lenders, led by Vista Credit Partners.
TRG Pakistan Limited (PSX: TRG) has received the aforementioned information from its associate, The Resource Group International Limited (TRGI).
This transaction was initially announced by the company through its PSX disclosure on September 20, 2024, and was recently completed following court approvals in Bermuda and the United States.
As part of the transaction outlined in the definitive agreements, TRGI has made a $15 million investment in the recapitalized Afiniti.
This investment is in the form of a second-lien convertible debt instrument. It ranks pari passu with other secured lenders holding the same convertible debt.
At the time of closing, the company's indirect economic interest in Afiniti, through TRGI, is anticipated to remain largely unchanged in percentage terms.
This retention is calculated on an as-converted, fully-diluted basis. However, it is subject to adjustments stemming from rights issue subscriptions and the future valuation of unvested warrants.
