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Infrastructure India may take in $105 million via four-year 15% loan from GGIC affiliate
By Devika Patel
Knoxville, Tenn., April 2 – The private placement market saw one deal announced on Tuesday.
Infrastructure India plc, an Isle of Man-based closed-end investment company, announced a $105 million four-year 15% loan financing with IIP Bridge Facility LLC, an affiliate of GGIC, Ltd.
The loan will be available to the company in tranches, with $8.7 million available initially and $96.3 million available conditionally.
The loan will provide sufficient capital to enable subsidiary Distribution Logistics Infrastructure Pte. Ltd. to complete, commission and ramp up all of its existing terminal facilities through to completion, to meet other Distribution Logistics lender requirements and provide additional working capital for both Distribution Logistics and the group.
In addition, the company has agreed to amend its existing $64.1 million Cedar Valley Financial 12% bridging loan due April 1, 2019 and the existing $21.5 million GGIC 7.5% working capital loan due April 1, 2019 to extend the maturities of these two facilities to June 30, 2023 in exchange for taking on a 15% interest rate on both loans and paying down $7.5 million of the bridging loan principal with the proceeds from the new loan.
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