WorldCall Telecom Limited – TFC Restructuring

WorldCall Telecom Limited (WTL) proudly announces that it has successfully closed the restructuring of its Term Finance Certificates (TFC – III). The ceremony was held in Marriot Karachi where Babar Ali Syed, CEO WTL, Muhammad Azhar Saeed, CFO, Faisal Ahmed, Director, and Murtaza Raza, Chief Strategy Officer, were present.

The salient features of the Deed are as follows:

  1. 1. Repayment of the TFC issue would be done in 9 years i.e. by September 2026. Consequently, Principal amount of Rs 1,517 million and Mark up of Rs. 647 million has been restructured.
  2. 2. In 2018 only principal amount of Rs. 200 million would be redeemed. Upfront amount of Rs. 125 million and two installments of Rs. 25 million each has been paid at the time of signing of the Supplemental Trust Deed.
  3. 3. Mark up accrued to date would be deferred till March 2021. Thereafter, it shall be paid in 23 equal quarterly instalments.
  4. 4. Half of the mark up for the year 2019 and 2020 would be deferred till March 2021 which shall be paid along with previous mark up starting March 2021.
  5. 5. Markup rate is reduced by 0.6% (i.e. KIBOR+1% from KIBOR+1.6%)

The company has made payment of Rs. 125 million and Rs. 50 million for the 2 installments due to date against the principal amount under the restructuring terms. This would improve the current ratio and regularize secured creditors. Further, the financial burden would also be eased out.

The transaction was executed with full support and commitment of new SPONSORS and they remain confident of maintaining positive momentum for COMPANY’s FUTURE.

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