Infrastructure India plc Term Loan Update (1565B)
31 May 2023 - 6:00PM
UK Regulatory
TIDMIIP
RNS Number : 1565B
Infrastructure India plc
31 May 2023
31 May 2023
Infrastructure India plc
("IIP" or the "Company" or, together with its subsidiaries, the
"Group")
Term Loan Update
Infrastructure India plc, an AIM quoted infrastructure fund
investing directly into assets in India, announces that it has
agreed an extension to the maturity date of the term loan provided
by IIP Bridge Facility (the "Term Loan").
The Term Loan is a US $119 million principal secured facility
provided to IIP's wholly owned Mauritian subsidiary, Infrastructure
India Holdco, originally announced in April 2019. The loan carries
an interest rate of 15% per annum, calculated in a manner that
yields a 15% IRR for the Lender and is securied on all assets of
IIP Holdco, including 100% of the issued share capital of
Distribution Logistics Infrastructure India, DLI's parent company.
The current amount of interest accrued is approximately US$74
million. The maturity date of 31 May 2023 has today been extended
to 30 June 2023 (the "Maturity Extension").
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. The Maturity Extension
enables IIP to continue working 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 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.
- Ends -
Enquiries:
Infrastructure India plc www.iiplc.com
Sonny Lulla Via Novella
Strand Hanson Limited
Nominated Adviser
James Dance / Richard Johnson +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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCGRGDURUXDGXB
(END) Dow Jones Newswires
May 31, 2023 04:00 ET (08:00 GMT)
Infrastructure India (LSE:IIP)
Historical Stock Chart
From Apr 2024 to May 2024
Infrastructure India (LSE:IIP)
Historical Stock Chart
From May 2023 to May 2024