Infrastructure India agrees to $3m increase of bridging loan

23rd Aug 2018 14:57

(Sharecast News) - Infrastructure India has agreed a $3m increase of the existing $40.4m unsecured bridging loan facility, it announced on Thursday.The AIM-traded company said the enlargement of the bridging loan would provide it with additional capital, ahead of the conditional proposed financing with PSA International and Gateway Partners, as it detailed on 31 July.It said the proposed financing would enable it to repay the bridging loan in whole or in part, as well as provide additional working capital and construction capital to Distribution Logistics Infrastructure - a key subsidiary - and provide for the group's general working capital needs."The company intends to draw down the additional funds immediately," the board said in its statement."On drawdown of the additional funds the bridging loan, now totalling $43.4m, will be fully drawn down."Under the bridging loan enlargement, the company would pay a fee of 1% of the additional funds provided."Further announcements will be made, as appropriate, in due course."