REG - Infrastructure India - Term Loan Update

Infrastructure IndiaAnnouncement

31/05/2023 09:00

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

 Sonny Lulla                              Via Novella

 Strand Hanson Limited                    +44 (0) 20 7409 3494

 Nominated Adviser

 James Dance / Richard Johnson

 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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