7th Dec 2018 13:44
LONDON (Alliance News) - Infrastructure India PLC on Friday said it has agreed further extensions to the maturity of its bridging and working capital loans.
The infrastructure fund has a USD48.4 million unsecured bridging loan facility with Cedar Valley Financial, which was provided in June 2017, and a USD21.5 million working capital facility with GGIC Ltd provided April 2013.
The loans have been extended previously in September, October and November.
At the end of July 2018, Infrastructure India announced that it had entered into conditional proposed financing agreements for a maximum of USD125 million with port group PSA International and Gateway Partners.
This money will allow its wholly-owned subsidiary, Distribution Logistics Infrastructure Pvt Ltd, to complete, commission, and ramp up all of its terminal facilities in India.
Under the deal Distribution Logistics Infrastructure India, parent company of Distribution Logistics Infrastructure, will issue convertible preference shares in return for a USD75 million payment.
In addition, 24% of Distribution Logistics Infrastructure will be sold to PSA International and Gateway Partners for a further USD50 million.
Prior to completing this financing, Infrastructure India has agreed to extend the maturity date of its bridging loan, which has a 12% per annum interest rate, and working its capital loan which carries a 7.5% per annum interest rate.
The working capital loan will now mature December 14. The bridging loan also matures on that date, or when the proposed financing from PSA International and Gateway Partners is complete, depending on which occurs soonest.
"The company remains in discussions with Cedar Valley Financial and GGIC in relation to the possible partial repayment of the bridging loan and the working capital loan following the completion of the proposed financing and with a view to further extending the maturity of both the bridging loan and the working capital loan," said Infrastructure India.
Shares in Infrastructure India were untraded on Friday and last closed at 2.10 pence.
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