LONDON (Alliance News) - Infrastructure India PLC said Wednesday it has agreed a USD2.0 million increase to its existing USD28.0 million unsecured bridging loan facility.
The AIM-listed infrastructure fund investing directly into assets in India said the increased loan will provide additional capital whilst the company continues to progress its ongoing financing discussions. The loan was originally provided to the company in June 2017 by Cedar Valley Financial.
The company has paid Cedar Valley a fee of 1.0% for the additional funds in connection with the loan enlargement. The loan carries an interest rate of 12.0% per annum and is due for repayment upon completion of significant financing of the company or on June 29.
Infrastructure India continues to be in advanced negotiations with a third party in relation to a potential financing. The new funding will be used to repay the bridging loan and for additional working capital purposes.
Shares in the company were trading 3.5% lower at 2.80 pence each on Wednesday afternoon.
Infra.india (IIP)