19th Nov 2018 12:48
LONDON (Alliance News) - Infrastructure India PLC said Monday it agreed two loan extensions with Cedar Valley Financial and GGIC Ltd to December 7.
The India-focused infrastructure fund said it agreed the extension to the maturity date of a USD48.4 million unsecured bridging loan facility provided in June 2017 by Cedar. The original loan was USD8.0 million but was then extended on multiple occasions.
It carries an interest rate of 12.0% per annum and was due for repayment on November 18.
Meanwhile, it also extended the maturity date of a USD21.5 million working capital loan provided by GGIC in 2013. The loan originally amounted to USD17 million.
The Working Capital Loan currently carries an interest rate of 7.5% per annum. It was due to be repaid on October 18.
Infrastructure India is negotiating financing agreements for up to USD125 million with PSA International and Gateway Partners which will enable it to fully repay the two loans.
Infrastructure India shares were trading down 2.6% at 2.68 pence each.
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