ABL arranges Rs13bn for cement company

ABL arranges Rs13bn for cement company
14 March 2008

Allied Bank Limited has arranged multiple financing facilities worth Rs13 billion for Maple Leaf Cement Factory Limited (MLCFL).

A signing ceremony was held here the other day to mark the financial close of Rs13bn in multiple syndicated facilities. Allied Bank CEO Mohammad Aftab Manzoor and MLCFL Chairman Tariq Sayeed Saigol attended the ceremony.

According to a press release of ABL, Maple Leaf Cement mandated the bank as financial adviser and lead arranger for multiple facilities totalling Rs13bn. Besides being the largest-ever financing to a cement company in Pakistan, this is also the largest financing arranged solely by any investment bank in the country.

“To fully capitalise on domestic market conditions, Allied Bank designed a custom made transaction structure for balance sheet restructuring and debt re-profiling for Maple Leaf Cement,” the release said and added that the transaction structure provided the company with substantial savings in its financial costs along with easing out its immediate debt burden. The financing facilities comprised Rs8bn Sukuk issue, Rs2.5bn PPTFC issue and Rs2.5bn syndicated term finance facility.
Published under Cement News