TIDMIIP

RNS Number : 1565B

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                          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

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(END) Dow Jones Newswires

May 31, 2023 04:00 ET (08:00 GMT)

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