Term Loan Update

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 Sonny Lulla	www.iiplc.com Via Novella
Strand Hanson Limited Nominated Adviser James Spinney / James Dance	[phone]
Singer Capital Markets Broker James Maxwell - Corporate Finance James Waterlow - Investment Fund Sales	[phone]
Novella Financial PR Tim Robertson / Safia Colebrook	[phone]

 

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