Infrastructure India plc announced that it has agreed an extension to the maturity dates of all its debt facilities, being the term loan provided by IIP Bridge Facility LLC (the Term Loan), the working capital loan provided by GGIC Ltd. and the bridging loan provided by Cedar Valley Financial. On 6 September 2023, IIP announced that it had entered the Share Purchase & Shareholders' Agreement ("SPSHA") for the conditional sale of DLI to Pristine Malwa Logistics Park Private Limited (the "Transaction"). The Transaction comprises a share swap and upfront cash consideration, whereby DLI Mauritius, which owns a 99.99% interest in DLI, will receive, in consideration for selling its entire shareholding in DLI, a cash payment of approximately USD 10 million on closing, and up to 33% of Pristine Malwa's issued share capital.

The final equity and cash consideration payable to DLI Mauritius is subject to customary adjustments based on the net current assets and indebtedness of DLI on the closing date. The Transaction is also subject to consent from the Group's lenders. Although the conditions precedent have been largely completed, certain complex issues remain outstanding, some of which require third party input.

This has unfortunately impacted the expected closing timeline. Each of IIP's lenders has agreed to extend the maturity date of the respective loans to 29 February 2024 to accommodate the revised expected timeline to closing, when longer-term extensions are expected to be agreed. The Company will make a further announcement in due course.

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 US$92 million.

The maturity date of 15 January 2024 has been extended to 29 February 2024. 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 30 million. The maturity date of 15 January 2024 has been extended to 29 February 2024. 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 61 million.

The maturity date of 15 January 2024 has been extended to 29 February 2024.