Last checked at 
(Sharecast News) - Infrastructure India (IIP) announced an extension to the maturity dates of its debt facilities on Thursday in a bid to allow it more time to sell its biggest asset, with the extension first applying to the term loan originally announced in April 2019.
The AIM-traded firm said the loan is a $119m principal secured facility provided to Infrastructure India Holdco, a wholly owned Mauritian subsidiary of IIP.
It said the loan carries an interest rate of 15% per annum, and was secured on all assets of Infrastructure India Holdco.
The maturity date was extended from 31 August to 31 October this year.
Secondly, it applied to the unsecured working capital loan, which was originally provided to the group in April 2013 by GGIC for $17m, subsequently increased to $21.5m in September 2017.
That loan carried an interest rate of 15% per annum, and the maturity date was also extended from 31 August to 31 October.
The unsecured bridging loan was meanwhile originally provided to the group in June 2017 by Cedar Valley Financial, and subsequently increased to $64.1m in March 2019.
IIP said the loan carried an interest rate of 15% per annum, with the maturity extended from 31 August to 31 October as well.
The extensions would provide Infrastructure India with additional time to repay its debt obligations and manage its financial position.
IIP said it had accrued significant interest on the loans, with the current amounts ranging between $27m and $82m.
"As announced on 28 February 2022 and periodically thereafter, IIP is engaged in advanced discussions with several third parties - including advanced discussions with Pristine Logistics & Infraprojects - regarding the potential sale of its largest asset, Distribution Logistics Infrastructure, although no definitive agreements have yet been signed," the board explained in its statement.
"The maturity extensions enable IIP to continue working towards completing a transaction."
Reporting by Josh White for Sharecast.com.
