23rd Oct 2018 11:39
LONDON (Alliance News) - Infrastructure India PLC said Wednesday that it secured a USD1.0 million increase to its existing USD45.4 million unsecured bridging loan facility provided by Cedar Valley Financial.
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 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.
The infrastructure fund, which invests directly into assets in India, said it remains in talks with Cedar Valley Financial and GGIC Ltd in relation to the possible partial repayment of the loans and an existing USD21.5 million working capital loan following the completion of the proposed financing.
Cedar Valley is a subsidiary of GGIC, which holds 75.4% interest in Infrastructure India.
The bridge loan was originally provided to the company in 2017 by Cedar Valley for USD8.0 million and was subsequently increased in a number of tranches, most recently to USD45.4 million in September.
Shares in Infrastructure India were down 5.6% at 3.30 pence each.
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