TRG’s Afiniti Completes Comprehensive Restructuring to Secure its Financial Position

TRG Pakistan Limited has been informed by its associate The Resource Group International Limited (PSX: TRG) that TRGI portfolio company Afiniti, Ltd., a global customer experience and artificial intelligence provider, has successfully completed its recapitalization transaction with its secured lenders, led by Vista Credit Partners, and TRG itself. The transaction enables Afiniti to move forward with a stronger financial foundation to accelerate growth. According to the company’s stock filing, TRGI has invested US$ 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. 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. This transaction was initially announced by the Company through its PSX disclosure on September 20, 2024, and was recently completed following court approvals in Bermuda and the United States. “The close of our recapitalization transaction provides exciting opportunities for Afiniti to further invest in next-generation technologies and unlock new avenues for growth,” said Hassan Afzal, Chief Executive Officer of Afiniti. “With additional resources, we will have renewed flexibility to build on our strengths, expand our capabilities and continue delivering cutting-edge AI solutions that empower our customers to enhance their customer experience journeys. This is a pivotal moment in Afiniti’s evolution, and we are thrilled about all the possibilities ahead.” He continued, “I would like to express my gratitude to Vista Credit Partners for their support throughout this process. Having them on board is a testament to the value we provide to our customers, and we look forward to benefiting from their expertise as strategic partners moving forward.” “We are pleased to have completed this recapitalization process and are focused on continuing to deliver value and innovative AI-powered solutions to Afiniti’s customers,” said Brendan Renehan, Managing Director at Vista Credit Partners. “Vista Credit Partners has long been an operationally focused financing partner, and we look forward to welcoming Afiniti to the Vista ecosystem and leveraging our deep expertise in enterprise software to help them chart an ambitious path forward.” The transaction was completed following court approvals in Bermuda and in the Chapter 15 proceeding in the United States.