MTC Advises Financiers On Largest Syndicated Financing Transaction In The History Of Pakistan In The Amount Of PKR 1.225 Trillion – Circular Debt Financing Facility

Mohsin Tayebaly & Co. was engaged as transaction legal counsel with respect to finance facilities in the aggregate amount of up to PKR 1,225,000,000,000/- (Pak Rupees One Trillion Two Hundred Twenty Five Billion) to be availed by Central Power Purchasing Agency Guarantee Limited from a consortium of 18 banks, led and arranged by Habib Bank Limited and Meezan Bank Limited and comprising National Bank of Pakistan, Allied Bank Limited, United Bank Limited, Faysal Bank Limited, Bank AL Habib Limited, MCB Bank Limited, Bank Alfalah Limited, The Bank of Punjab, Bank Islami Pakistan Limited, Askari Bank Limited, Habib Metropolitan Bank Limited, Al Baraka Bank Pakistan Limited, The Bank of Khyber, Soneri Bank Limited, Dubai Islamic Bank Pakistan Limited and MCB Islamic Bank Limited.

This transaction marks the largest ever syndicated financing transaction in the country’s history, and a significant step in the Government of Pakistan’s efforts to eliminate the circular debt crisis that exists in Pakistan.

The financing comprised several first of its kind features and involved uniquely structured Islamic and Shariah compliant financing structures including Bai Muajjal, Ijarah and Sukuk certificates backed by an Ijarah structure.

We are truly honored and proud to have been chosen by the financiers to advise on this landmark transaction, and we deeply value the trust and confidence placed in us to deliver on such an important, complex, and demanding mandate.

MTC’s team in this matter was led by Vaseeq Khalid (Partner) and included Laraib Saba Turk (Senior Associate), Kamil Tayebaly (Senior Associate) and Yawar Burki (Associate).