Infrastructure India plc Extension of Term Loan (7688X)
31 Agosto 2022 - 4:36AM
UK Regulatory
TIDMIIP TIDMTTM
RNS Number : 7688X
Infrastructure India plc
31 August 2022
31 August 2022
Infrastructure India plc
("IIP", the "Company" and together with its subsidiaries the
"Group")
Extension of Term Loan
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$6 million increase to the US$105 million term loan
with IIP Bridge Facility LLC, an affiliate of GGIC, Ltd ("GGIC"),
as announced by the Company on 2 April 2019 (the "Facility
Extension"). Following the Facility Extension, the principal of the
loan will be US$111 million, and the amount of interest accrued
will be approximately US$56.4 million. All other terms and
conditions of the facility remain the same, including the maturity
date of 1 April 2023.
The Facility, a secured 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.
Distribution Logistics Infrastructure Private Limited ("DLI"),
IIP's largest asset, has faced increasing liquidity constraints due
to growing restricted funds requirements in-country which has
adversely impacted on DLI's operations . Accordingly, the extension
funds received by the Company will be utilised primarily to meet
urgent operational overheads at DLI as well as Group working
capital needs. DLI is a supply chain transportation and container
infrastructure company headquartered in Bangalore and Gurgaon with
a material presence in central, northern and southern India.
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
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 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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(END) Dow Jones Newswires
August 31, 2022 05:36 ET (09:36 GMT)
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