25th Oct 2018 12:39
LONDON (Alliance News) - Infrastructure India PLC said Thursday that it secured a USD2.0 million increase to its existing USD46.4 million unsecured bridging loan facility provided by Cedar Valley Financial.
Shares in Infrastructure India were down 11% at 3.10 pence each.
On Tuesday, the company had agreed a USD1.0 million increase to the same loan which had been originally provided in 2017 in an amount of USD8.0 million, subsequently increased several times.
The enlargement will provide the company with additional capital ahead of completion of a proposed financing from global port group PSA International and Gateway Partners.
At the end of July, Infrastructure India said it had agreed USD125 million of debt funding from PSA and Gateway.
The company said that the financing will allow it to partially repay the Cedar bridging loan as well as provide additional working capital to its subsidiary Distribution Logistics Infrastructure Ltd.
The infrastructure fund, which invests directly into assets in India, said it remains in talks with Cedar Valley and GGIC Ltd in relation to the possible partial repayment of the loans and an existing USD21.5 million working capital loan, provided by GGIC, following the completion of the proposed financing.
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