Infrastructure India plc announced that the documentation to extend the maturity of its Debt Facilities has been finalised. On 29 February 2024, IIP announced that it had agreed a maturity extension with the principal lender until 15 May 2024, with documentation to be finalised. The Company now confirms that it has completed the documentation to extend the maturity of all the debt facilities to that date.

The Debt Facilities include the term loan provided by IIP Bridge Facility LLC, the working capital loan provided by GGIC Ltd. and the bridging loan provided by Cedar Valley Financial. The Term Loan is a USD 119 million principal secured facility provided to IIP's wholly owned Mauritian subsidiary, Infrastructure India Holdco, originally announced in April 2019. The loan carries an interest rate of 15% per annum, calculated in a manner that yields a 15% IRR for the lender and is secured on all assets of Infrastructure India Holdco, including 100% of the issued share capital of Distribution Logistics Infrastructure India, DLI's parent company.

The current amount of interest accrued is approximately USD 95 million. The unsecured Working Capital Loan was originally provided to the Group in April 2013 by GGIC Ltd. in an amount of USD 17 million and increased to USD 21.5 million in September 2017. The Working Capital Loan carried an interest rate of 7.5% per annum on its principal amount.

The Group and GGIC Ltd. agreed to increase its interest rate to 15% per annum from 1 April 2019. The current amount of interest accrued is approximately USD 31 million. The unsecured Bridging Loan was originally provided to the Group in June 2017 by Cedar Valley Financial and was subsequently increased in multiple tranches to USD 64.1 million in March 2019.

The Bridging Loan carried an interest rate of 12.0% per annum on its principal amount. The Group and Cedar Valley Financial previously agreed to increase its interest rate to 15% per annum from 1 April 2019. The current amount of interest accrued is approximately USD 63 million.