REG - Infrastructure India - Term Loan Update

Infrastructure IndiaAnnouncement

30/03/2023 07:00

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RNS Number : 6854U  Infrastructure India plc  30 March 2023

30 March 2023

 

Infrastructure India plc

("IIP" or the "Company" or, together with its subsidiaries, the "Group")

 

Term Loan Update

Related Party Transaction

 

Infrastructure India plc, an AIM quoted infrastructure fund investing directly
into assets in India, announces that, on 29 March 2023, it agreed an extension
to the maturity date of the term loan provided by IIP Bridge Facility LLC, an
affiliate of GGIC, Ltd ("GGIC") (the "Term Loan").

 

The Term Loan is a secured four-year facility entered into by IIP's wholly
owned Mauritian subsidiary, Infrastructure India Holdco on 2 April 2019. The
loan carries an interest rate of 15% per annum. On 31 August 2022, the Term
Loan principal was increased by US$6 million, taking the principal to US$111
million, with all other terms and conditions remaining the same. The maturity
date of 1 April 2023 has been extended to 1 May 2023.

 

As announced on 28 February 2022 and regularly thereafter, IIP is engaged in
discussions with several third parties regarding the potential sale of it's
largest asset, Distribution Logistics Infastructure Limited, and the extension
to the maturity date enables IIP to remain focussed on these discussions.

 

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 Term Loan
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 Term Loan maturity
extension are fair and reasonable insofar as the shareholders of IIP are
concerned.

 

Further announcements will be made as and when appropriate.

 

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 (http://www.iiplc.com/)

 Sonny Lulla                              Via Novella

 Strand Hanson Limited                    +44 (0) 20 7409 3494

 Nominated Adviser

 James Spinney / James Dance

 Singer Capital Markets                   +44 (0) 20 7496 3000

 Broker

 James Maxwell - Corporate Finance

 James Waterlow - Investment Fund Sales

 Novella                                  +44 (0) 20 3151 7008

 Financial PR

 Tim Robertson / Safia Colebrook

 

 

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