IIP Infrastructure India Plc

TIDMIIP

RNS Number : 0467E

Infrastructure India plc

27 June 2023

27 June 2023

Infrastructure India plc

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

Debt Facilities 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 dates of all its debt facilities, being the term loan provided by IIP Bridge Facility LLC (the "Term Loan"), the working capital loan provided by GGIC, Ltd. (the "Working Capital Loan") and the bridging loan provided by Cedar Valley Financial (the "Bridging 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 secured on all assets of Infrastruture India 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$76 million. The maturity date of 30 June 2023 has been extended to 31 July 2023 (the "Maturity Extensions" applying collectively to all loan maturity extensions set out in this announcement).

The unsecured Working Capital Loan was originally provided to the Group in April 2013 by GGIC, Ltd. in an amount of US$17 million and increased to US$21.5 million in September 2017. The Working Capital Loan carried an interest rate of 7.5% per annum on its principal amount. The Group and GGIC, Ltd. agreed to extend the maturity of the Working Capital Loan to 30 June 2023 and increase its interest rate to 15% per annum from 1 April 2019. The current amount of interest accrued is approximately US$25 million. The maturity date of 30 June 2023 has been extended to 31 July 2023 (a "Maturity Extension").

The unsecured Bridging Loan was originally provided to the Group in June 2017 by Cedar Valley Financial and was subsequently increased in multiple tranches to US$64.1 million in March 2019. The Bridging Loan carried an interest rate of 12.0% per annum on its principal amount. The Group and Cedar Valley Financial previously agreed to extend the maturity of the Bridging Loan to 30 June 2023 and increase its interest rate to 15% per annum from 1 April 2019. The current amount of interest accrued is approximately US$52 million. The maturity date of 30 June 2023 has been extended to 31 July 2023 (a "Maturity Extension").

As announced on 28 February 2022 and periodically thereafter, IIP is engaged in advanced 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 yet been signed. The Maturity Extensions enable IIP to continue working towards completing a transaction.

Related Party Transaction

IIP Bridge Facility LLC and Cedar Valley Financial are affiliates of GGIC,Ltd., which is, directly and indirectly, interested in 75.4% of the Company's issued share capital. Under the AIM Rules for Companies (the "AIM Rules"), IIP Bridge Facility LLC, Cedar Valley Financial and GGIC, Ltd. are each, therefore, deemed to be related parties of the Company and the Maturity Extensions are related party transactions 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 Extensions 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

MSCSEISAWEDSEEM

(END) Dow Jones Newswires

June 27, 2023 04:40 ET (08:40 GMT)

Infrastructure India (LSE:IIP)
Historical Stock Chart
From Oct 2024 to Nov 2024

Infrastructure India (LSE:IIP)
Historical Stock Chart
From Nov 2023 to Nov 2024