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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Infrastructure India Plc | LSE:IIP | London | Ordinary Share | IM00B2QVWM67 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.035 | 0.02 | 0.05 | 0.035 | 0.027 | 0.035 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | -2.2M | -140.03M | -0.2053 | 0.00 | 204.63k |
From Apr 2019 to Apr 2024
TIDMIIP TIDMTTM
RNS Number : 9239R
Infrastructure India plc
20 June 2018
20 June 2018
Infrastructure India plc
("IIP", the "Company" and together with its subsidiaries the "Group")
Increase of Bridging Loan
Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, announces that it has agreed a US$6.0 million increase of the existing US$34.0 million unsecured bridging loan facility (the "Bridging Loan").
The enlargement of the Bridging Loan will provide the Group with additional capital whilst it continues to progress its ongoing financing discussions.
Whilst negotiations have taken longer than originally anticipated, the Company continues to be in advanced negotiations with a third party in relation to a potential financing and these discussions continue to progress. The new funding would enable the Company to repay the Bridging Loan as well as provide additional working capital and construction capital to Distribution Logistics Infrastructure Limited, a key subsidiary of the Company, and provide for the Group's general working capital needs.
Enlargement of Bridging Loan
The Company announces that it has agreed a further increase to the Bridging Loan which was previously provided to the Company by Cedar Valley such that a further US$6.0 million (the "Additional Funds") has been made available to the Company under the Bridging Loan (the "Bridging Loan Enlargement").
The Bridging Loan was originally provided to the Company in June 2017 by Cedar Valley Financial ("Cedar Valley") in an amount of US$8.0 million and was subsequently increased to US$18.0 million in November 2017, to US$21.0 million in January 2018, to US$23.0 million in February 2018, to US$26.0 million in March 2018, to US$28.0 million in April 2018 and to US$34 million during May 2018.
The Company intends to draw down the Additional Funds immediately. On draw down of the Additional Funds the Bridging Loan, now totalling US$40.0 million, will be fully drawn down.
No arrangement fees are payable by the Company in connection with the Additional Funds being made available to the Company under the Bridging Loan Enlargement.
The other terms of the Bridging Loan, which carries an interest rate of 12.0% per annum and is due for repayment on the earlier of: (i) 15 days following the completion of a specific significant financing of IIP currently under negotiation; and (ii) 29 June 2018.
The Company is currently in discussions with Cedar Valley with a view to seeking an extension of the maturity of the Bridging Loan.
Further announcements will be made, as appropriate, in due course.
Related Party Transactions
GGIC is, directly and indirectly, interested in 75.4% of the Company's issued share capital and Cedar Valley is an affiliate of GGIC. Under the AIM Rules for Companies ("AIM Rules") Cedar Valley is, therefore, deemed to be a related party of the Company and the Bridging Loan Enlargement is a related party transaction pursuant to Rule 13 of the AIM Rules. The independent directors of IIP, M.S. Ramachandran and Timothy Walker, consider, having consulted with Smith & Williamson Corporate Finance Limited in its capacity as the Company's nominated adviser, that the terms of the Bridging Loan Enlargement are fair and reasonable insofar as the shareholders of IIP are concerned.
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Enquiries:
Hot Features
Premium
Infrastructure India plc www.iiplc.com
Sonny Lulla
Smith & Williamson Corporate Finance Limited
Nominated Adviser & Joint Broker
Azhic Basirov / Ben Jeynes +44 (0) 20 7131 4000
Nplus1 Singer Advisory LLP
Joint Broker
James Maxwell - Corporate Finance
James Waterlow - Investment Fund Sales +44 (0) 20 7496 3000
Novella +44 (0) 20 3151 7008
Financial PR
Tim Robertson / Toby Andrews
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.
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(END) Dow Jones Newswires
June 20, 2018 02:00 ET (06:00 GMT)
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