Term Loan Update

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

 

END