PACRA Assigns Initial Rating to Infralectric (Pvt.) Limited - PP Sukuk - PKR 3bln

Infralectric (Pvt.) Ltd. ("IFPL" or the "Issuer"), a technology-led energy infrastructure company serving Pakistan's telecom sector, has issued a Shariah-compliant, privately placed Green Sukuk under an approved facility of PKR 3.0bln. The structure supports conversion of site CapEx into predictable OpEx through deferred-CapEx Service Orders (SOs) executed under a tripartite agreement, with scope confined to the telecom-energy domain. The facility has been drawn in two tranches aggregating PKR 2,976mln, financing phased deployment of solar PV, battery storage, IoT-enabled energy management and remote monitoring infrastructure across 1,160 telecom sites. Tranche I (PKR 670mln), issued 22-May-26, finances 502 Telenor Pakistan sites; Tranche II (PKR 2.3bln), issued 30-Jun-26, finances 658 Ufone sites. PKR 24mln remains available for further issuance within the original drawdown period, after which any undrawn amount lapses. Credit support comprises a principal-only guarantee from InfraZamin Pakistan Ltd (IZP; AAA by PACRA; up to PKR 3.0bln, declining with repayments), an exclusive charge (20% margin), assignment of SO receivables, perfected liens over ring-fenced project accounts, tripartite enforcement arrangements and sponsor guarantees. Each drawdown required a 20% equity contribution and upfront FSRA funding, with escrowed proceeds released only upon confirmed satisfaction of conditions precedent. Both tranches carry a ~7.5-year tenor, including a six-month profit-only period, first principal repayment 12 months post-drawdown, and semi-annual sculpted amortization thereafter. Pricing is 6M KIBOR+75bps (KIBOR resets every six months; initial RPS uses KIBOR as of drawdown date) (Tranche I: ~13.28% p.a.; Tranche II: ~12.57% p.a.). Issuer call is permitted, subject to Guarantor/Issue-Agent consent and a 4% prepayment premium (2% IZP/2% investors). Liquidity is supported via a priority-of-payments waterfall prefunding the FPA and GPA ahead of coupon and guarantee obligations, with the FSRA fully built by month 18. Financial/operational covenants, HSES compliance aligned with IZP/PIDG standards, and monthly reporting underpin monitoring. If unreplenished and FPA remains unfunded 15 days before a coupon, the trustee notifies holders and IZP continues principal payments during a 12-month cure; if cure remains unresolved the trustee convenes meeting of sukuk-holders 30 day prior to next payment, upon ≥70% approval, may request IZP to accelerate payments up to the Maximum Guaranteed Amount. All Proceeds (equity + sukuk) remain escrow-controlled and are disbursed only against verified invoices upon satisfaction of CPs.
Rating sensitivity rests on: (i) timely completion and site handovers; (ii) collection performance of assigned receivables and (iii) IZP's continued creditworthiness and guarantee-honoring capacity.

About the Entity
Infralectric (Pvt.) Ltd., incorporated in 2021 under Pakistan’s Companies Act 2017, delivers sustainable energy infrastructure solutions for the telecom sector. Majority-owned by SCT Global (51%), with 49% held by Co-Founder/CEO Mr. Bilal Qureshi (30%), Chairman Mr. Abdul Rehman Atif Qureshi (14%), and Co-Founder/Director Ayla Majid (5%), It merges sector expertise with backing of SCT and Brillanz.

About the Instrument
Pakistan's first Green Sukuk for the telecom sector: a Shariah-compliant, Privately Placed Sukuk of up to PKR 3.0bln, issued in two tranches, of which PKR 2,976mln has now been drawn. Each tranche carries a 7.5-year tenor at 6M KIBOR+75bps, a six-month profit-only start, then 14 semi-annual principal instalments (first due 12 months post-issuance). Secured by an IZP 100% principal-only guarantee (reducing with redemptions), an exclusive first charge, and assignment of receivables/liens on ring-fenced accounts; liquidity controls include FPA/GPA prefunding and an FSRA peaking by month 18. A limited call option remains available with Guarantor/Issue Agent consent, subject to prepayment premia.