Infrastructure India plc Loan Facility Update (3216W)
17 April 2023 - 4:00PM
UK Regulatory
TIDMIIP
RNS Number : 3216W
Infrastructure India plc
17 April 2023
17 April 2023
Infrastructure India plc
("IIP", the "Company" and together with its subsidiaries the
"Group")
Increase of Term Loan and extension of maturity
Related Party Transaction
Infrastructure India plc, an AIM quoted infrastructure fund
investing directly into assets in India, announces that the Group
has agreed a US$8 million increase (the "Facility Increase") to the
US$111 million term loan with IIP Bridge Facility LLC ("IIP
Bridge"), an affiliate of GGIC, Ltd ("GGIC"), as announced by the
Company on 2 April 2019 (the "Facility") and 31 August 2022.
Following the Facility Increase, the principal of the loan will be
US$119 million, and the amount of interest accrued will be
approximately US$70.9 million.
IIP also announces that it has agreed an extension to the
maturity date ("Maturity Extension") of the Facility from 1 May
2023 to 31 May 2023. Save for the Facility Increase set out above,
all other terms and conditions of the Facility remain the same.
The Facility, a secure term loan to IIP's wholly owned Mauritian
subsidiary, Infrastructure India Holdco, carries an interest rate
of 15% per annum, calculated in a manner that yields a 15% IRR for
the Lender and is secured on all assets of IIP Holdco, including
100% of the issued share capital of Distribution Logistics
Infrastructure India, DLI's Mauritian parent company.
As announced on 28 February 2022 and periodically thereafter,
IIP is engaged in discussions with several third parties (
including advanced discussions with Pristine Logistics &
Infraprojects Ltd) regarding the potential sale of its largest
asset, Distribution Logistics Infrastructure Limited, although no
definitive agreements have been signed. Both the Facility Increase
and the Maturity Extension enable IIP to meet immediate and
longstanding creditors in India, as well as providing some working
capital while the Company works towards completing a
transaction.
Related Party Transaction
IIP Bridge Facility LLC is an affiliate of GGIC, which is,
directly and indirectly, interested in 75.4% of the Company's
issued share capital. Under the AIM Rules for Companies ("AIM
Rules") IIP Bridge Facility LLC and GGIC are each, therefore,
deemed to be related parties of the Company and the Facility
Increase and the Maturity Extension is a related party transaction
pursuant to Rule 13 of the AIM Rules.
The independent directors of IIP, being M.S. Ramachandran and
Graham Smith, consider, having consulted with Strand Hanson Limited
in its capacity as the Company's nominated adviser, that the terms
of the Facility Increase and the Maturity Extension are fair and
reasonable insofar as the shareholders of IIP are concerned.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
Enquiries:
Infrastructure India plc www.iiplc.com
Sonny Lulla Via Novella
Strand Hanson Limited
Nominated Adviser
James Spinney / James Dance +44 (0) 20 7409 3494
Singer Capital Markets
Broker
James Maxwell - Corporate Finance
James Waterlow - Investment Fund Sales +44 (0) 20 7496 3000
Novella
Financial PR
Tim Robertson / Safia Colebrook +44 (0) 20 3151 7008
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END
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