“As part of the transaction, as contemplated by the definitive transaction agreements, TRGI has invested $15 million in the recapitalized Afiniti in the form of a second-lien convertible debt instrument, pari passu with other secured lenders who own the same convertible debt,” read the notice sent to the Pakistan Stock Exchange on Tuesday.

The restructuring process, which was led by secured lenders including Vista Credit Partners, received necessary court approvals in both Bermuda and the United States.

TRG Pakistan Limited has confirmed that its recent investment ensures a substantial indirect economic interest in Afiniti, Ltd, on a fully diluted basis, pending future adjustments.

This transaction was first disclosed by TRG Pakistan in a PSX announcement on September 20, 2024, and has been successfully completed following court approvals in Bermuda and the United States.

“At closing, the company’s indirect economic interest in Afiniti, through TRGI, is expected to be substantially retained in percentage terms, on an as-converted, fully-diluted basis, subject to certain adjustments from rights issue subscription and the future value of unvested warrants,” it added.