Loan Restructuring

RNS Number : 3891D

Infrastructure India plc

29 June 2021

 

29 June 2021

Infrastructure India plc

("IIP" or the "Company" or, together with its subsidiaries, the "IIP Group")

DLI Update - Restructuring of Loans

Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, is pleased to announce that, on 28 June 2021, Distribution Logistics Infrastructure Limited ("DLI" ) entered into agreements for revised terms (collectively, the "Agreement") with the lending banks which make up its two lending consortia.

The Agreement provides a moratorium on interest payments until April 2022 and principal payments until November 2022 and reduces the overall combined interest rate to a range between 9.45 per cent. and 10 per cent. (previously more than 12 per cent.) and extends tenor. The final repayment is now scheduled in 2033 - providing a three year extension over the previous final payment date in 2030. The aggregate amount of the facility is INR 7,389 million (approximately £71.5 million).

Some of the lending consortia also provide DLI with a working capital facility of INR 209 million (approximately £2 million) over a rolling 6-month period. The working capital facility carries an interest rate of 10.45 per cent. (previously more than 11 per cent.).

The improved borrowing terms available to DLI under the Agreement, will provide DLI with additional flexibility in responding to the Covid-19 pandemic and its unprecedented and continued impact on the social and economic landscape in India.

Enquiries:

Infrastructure India plc Sonny Lulla	www.iiplc.com Via Novella
Strand Hanson Limited Nominated Adviser James Spinney / James Dance	[phone]
Nplus1 Singer Advisory LLP Joint Broker James Maxwell - Corporate Finance James Waterlow - Investment Fund Sales	[phone]
Novella Financial PR Tim Robertson / Fergus Young	[phone]

 

END

 

 

MSCPPUQCQUPGGQR