KARACHI: Telecard Limited announced successful restructuring of its TFC with required majority of the TFC holders in favor of terms offered by the company.
The restructuring of the principal outstanding of Rupees 736 million along with its markup offers payment terms spreads over a period of 8 years with the first payment of principal starting from March 2022 and thereafter in equal quarterly instalments, with maturity in Month 96.
Furthermore, in the event that 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 percent 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 250,000,000 (Rupees two hundred fifty million). These terms ensures that the company is not only able to service the TFC but also earmark financial resources towards expansion in new and ongoing business initiatives while extinguishing its long term financial liabilities.
With the restructuring of TELETFC, the process is fully on track for the IPO of Supernet, a wholly owned subsidiary of Telecard.”
Copyright Business Recorder, 2021
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