18th Feb 2019 15:59
LONDON (Alliance News) - Infrastructure India PLC on Monday said it has agreed an extension to the maturity date of of its loans worth USD74.9 million.
The investment company currently has a USD53.4 million unsecured bridging loan facility provided by Cedar Valley Financial in June last year. It also has a USD21.5 million working capital loan provided by GGIC Ltd in April 2013.
GGIC - which is an affiliate of Cedar Valley - has a 75.4% interest in Infrastructure India.
The bridging loan currently carries an interest rate of 12.0% per annum and had been due for repayment by Monday. Infrastructure India and Cedar Valley have agreed to extend the maturity of this loan such that it will now mature on April 1.
The working capital loan currently carries an interest rate of 7.5% per annum and was also agreed to mature on April 1.
This is the sixth time Infrastructure India has extended the loan repayment date.
At the end of July, Infrastructure India had entered into conditional proposed financing agreements for up to USD125 million with port group PSA International and Gateway Partners.
This transaction includes the issue of convertible preference shares in Distribution Logistics Infrastructure India for a consideration of USD75 million and the sale of 24% of Distribution Logistics Infrastructure Ltd by Infrastructure India for USD50 million.
At the end of January, the company said its USD125 million proposed financing agreement with PSA International and Gateway Partners will not go ahead. The proposed financing was conditional on receiving approval from Indian regulatory authorities but the deadline, January 30, lapsed without approval.
Looking forward, Infrastructure India said it continues to examine its funding alternatives, including re-engaging with PSA International and Gateway Partners.
Infrastructure India shares were trading 17% lower on Monday at 1.20 pence each.
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