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

Infralectric (Pvt.) Ltd. (“Issuer” or the "Company" or “IFPL”) a technology-led energy-infrastructure partner to Pakistan’s telecom sector, converting site CapEx into predictable OpEx via deferred-Capex SOs executed under tripartite agreement; with scope confined to the telecom-energy domain. The Shariah-compliant Sukuk (≤PKR 3.0bn, in up to 3 tranches, within 365 days from first issuance) will fund staged deployment of solar PV, battery storage, IoT energy-management and remote monitoring infrastructure. The issuance is secured by a principal-only guarantee from InfraZamin Pakistan Ltd (IZP; AAA by PACRA; ≤PKR 3.0bn, tapering down with redemptions) and a comprehensive security package: an exclusive charge (20% margin), assignment of SO receivables, perfected liens on ring-fenced project accounts, tripartite enforcement and sponsor corporate/personal guarantees. Each drawdown requires 20% fresh equity and tranche-specific upfront FSRA funding; escrowed proceeds release only on Guarantor + Issue-Agent confirmation against objective CPs. Tranches carry ≈7.5-year tenors with a six-month profit-only start; first principal is due 12 months post-draw, thereafter semi-annual sculpted amortization; pricing ~6M KIBOR + ~75bps. Issuer call permitted with Guarantor and Issue-Agent consent subject to a 4% pre-payment premium (2% IZP / 2% Investors). Failure to draw a subsequent tranche within 6 months lapses the unused limit and constrains the facility, and the rating coverage, to amounts actually issued. Liquidity is enforced via a priority-of-payments waterfall: Collection → proportionate prefunding into FPA and GPA (aligned with respective receivable cycles to meet upcoming coupon & guarantee dues); the FSRA is seeded at issuance for the second semi-annual P+I+G and built to peak by month 18, with trustee draw rights and issuer/sponsor replenishment obligations. Financial/operational covenants, HSES alignment with IZP/PIDG standards and mandatory monthly progress reports strengthening ongoing oversight. In stress scenario, the trustee first draws the FSRA. 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 remains to execution and counterparty performance: (i) timely finalization, acceptance of SOs and site handovers; (ii) collection performance of assigned receivables (off-taker credit quality); and (iii) preservation of IZP’s own credit standing and willingness/ability to honor guarantee obligations.

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
The proposed shariah-compliant Sukuk: PP PKR 3.0bn in up to three tranches (within 365 days from first issuance), ~7.5-year tenor at 6M KIBOR +75bps, six-month profit-only start followed by 14 semi-annual principal instalments (first principal due 12 months after each tranche). Secured by an IZP 100% principal-only guarantee (reducing with redemptions), exclusive first charge, assignment of receivables and liens on ring-fenced accounts; liquidity controls include proportionate prefunding into FPA/GPA of upcoming dues and an FSRA funded for the second coupon and built to peak by month 18; limited call option under Guarantor & Issue Agent consent with prescribed prepayment premia.