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Jazz Treasury Secure PKR 60 Billion for Spectrum Renewal

This year, the Jazz Treasury concluded the largest funding transaction of the corporate sector by arranging PKR 60 Billion for its Spectrum Renewal at significantly competitive terms. The funding was crucial for spectrum renewal for the next 15 years. Spectrum renewal was an integral KPI to maintain Jazz’s Customer Obsessed value. Through this renewal, Jazz continues to provide an uninterrupted and seamless digital experience to its customers by virtue of an unparalleled distribution and infrastructure network.

Jazz inherited the 2G license through the Warid merger, which was up for renewal in 2019. The renewal of the license along regular CAPEX and other outflows resulted in a funding gap of ~PKR 60 Billion. The Treasury team worked with financial institutions to identify an innovative solution to bridge this challenging gap. PKR 45 Billion was raised through a consortium of banks with a combination of conventional and Islamic financing, while PKR 15 Billion was managed through a bilateral financing facility from HBL.

Bridging this funding gap from the capital market entails a series of parallel and systematic steps involving different internal and external stakeholders, from HQ to the regulatory bodies as well as rating agencies. The process is critical and requires close coordination with strong analytical work to meet the timelines efficiently. The Treasury team effortlessly worked and delivered the objective well within timelines.