Infrastructure India plc Term Loan Update (6854U)
March 30 2023 - 2:00AM
UK Regulatory
TIDMIIP
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, a n 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
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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