Infrastructure India increases and extends loan facility
By Josh White
Date: Monday 17 Apr 2023
(Sharecast News) - Infrastructure India (IIP) announced an $8m increase to its term loan with IIP Bridge Facility on Monday.
The AIM-traded firm said the loan, which was initially for $111m, would now amount to $119m, with the interest accrued set to be around $70.9m.
IIP Bridge Facility, an affiliate of GGIC, is the lender for the term loan.
In addition to the loan increase, IIP Bridge Facility also agreed to extend its maturity date from 1 May to 31 May this year.
All other terms and conditions of the facility would remain the same.
The facility is a secured term loan to IIP's wholly-owned Mauritian subsidiary, Infrastructure India Holdco, and carries an interest rate of 15% per annum, calculated in a manner that yields a 15% internal rate of return for the lender.
"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 - regarding the potential sale of its largest asset, Distribution Logistics Infrastructure, although no definitive agreements have been signed," the company's board said in its statement.
"Both the facility Increase and the maturity extension enable IIP to meet immediate and long standing creditors in India, as well as providing some working capital while the company works towards completing a transaction."
Reporting by Josh White for Sharecast.com.
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