18th Oct 2018 18:31
LONDON (Alliance News) - Infrastructure India PLC on Thursday said it has agreed extensions to the maturity of its USD45.4 million bridging loan facility from Cedar Valley Financial and a USD21.5 million working capital loan provided by GGIC Ltd.
The infrastructure fund, which invests directly into assets in India, said it remains in talks with Cedar Valley Financial and GGIC in relation to the possible partial repayment of the loans following the completion of the proposed financing.
At the end of July, Infrastructure India had agreed USD125 million of debt funding from global port group PSA International and Gateway Partners.
At the time, the company said that the cash would allow its wholly-owned subsidiary, Distribution Logistics Infrastructure Pvt Ltd, to complete, commission, and ramp up all of its terminal facilities in India. DLI has terminals in Nagpur, Bangalore, Palwal, and Chennai.
Infrastructure India secured the loan facility from by Cedar Valley in June last year, while loan from GGIC was received in September last year. Both loans were due for repayment on Thursday, but the company agreed to extend the maturity of those loans to November 18 on unchanged terms.
Cedar Valley is a subsidiary of GGIC, which holds 75.4% interest in Infrastructure India.
Infrastructure India shares closed 2.1% lower on Thursday at 2.35 pence per share.
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