Infra.india Share News (IIP)

(Sharecast News) - India-focussed infrastructure investor Infrastructure India announced on Tuesday that Distribution Logistics Infrastructure (DLI) has entered into agreements for revised terms with the lending banks which make up its two lending consortia.
The AIM-traded firm said the agreement would provide a moratorium on interest payments until April 2022, and on principal payments until November 2022, and would reduce the overall combined interest rate to between 9.45% and 10%, from more than 12% previously.

It would also extend the tenor, with the final repayment now scheduled for 2033, providing a three-year extension over the previous final payment date in 2030.

The aggregate amount of the facility is INR 7.39bn (£71.5m).

Some of the lending consortia also provide DLI with a working capital facility of INR 209m over a rolling six-month period.

The company said that facility now carries an interest rate of 10.45%, down from more than 11% previously.

Infrastructure India owns 99.99% of DLI, which provides warehousing capacity and container handling with a focus on the railfreight industry.

"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," the board said in its statement.