Infrastrata PLC New Asset Backed Debt Facility (4113C)
10 Febbraio 2020 - 8:00AM
UK Regulatory
TIDMINFA
RNS Number : 4113C
Infrastrata PLC
10 February 2020
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
10 February 2020
InfraStrata plc
("InfraStrata" or the "Company")
NEW ASSET BACKED DEBT FACILITY FOR HARLAND AND WOLFF AND
RESTRUCTURING OF CURRENT LOAN FACILITY
InfraStrata (AIM: INFA), the UK quoted company focused on
strategic infrastructure projects and physical asset life-cycle
management, is pleased to announce that its subsidiary, Harland and
Wolff (Belfast) Limited ("Harland"), has secured a GBP2 million
asset backed term debt facility (the "Facility").
Under the terms of the Facility, Harland will drawdown the sum
of GBP2 million immediately and the proceeds will be utilised for
working capital purposes. The Facility is for a term of 24 months
with the principal amount repayable as a bullet payment at the end
of 24 months from the date of first drawdown. The Facility carries
a coupon of 13.2% per annum, payable in equal monthly instalments
in arrears. The Lender of the Facility has a first charge over all
the assets of Harland. At the end of the 24-month tenure of the
Facility, there will be an exit fee of 4% payable to the lender.
Belfast-based Whiterock Capital Partners LLP advised Harland on the
structuring of this Facility.
In addition, the Company is pleased to announce the
restructuring of the sum of GBP555,555.58 that remains outstanding,
and was drawn down as the second tranche, of the GBP2.2 million
loan facility with Riverfort Global Opportunities PCC Limited and
YA II PN Limited (the "Investors") (the "Loan"). Details of this
second drawdown under the Loan were announced on 14 November 2019.
Under the restructuring, the Company will no longer be required to
make a bullet repayment of GBP555,555.58 on 14 February 2020.
Instead, a sum of GBP55,555.58 of the principal plus fees and
accrued interest to date of, in aggregate, GBP110,624.98 will be
paid to the Investors immediately, and the remaining GBP500,000 of
principal ("Remaining Loan") will be amortised over a period of 10
months commencing 31 March 2020 and ending on 31 December 2020. The
amortised payment schedule will carry an interest rate of 12% per
annum from 14 February 2020, payable monthly in arrears. The
Remaining Loan is not convertible into shares, save in the event of
default.
Further, the final exercise dates for warrants issued to the
Investors pursuant to the terms of the Loan, as announced on 1
October 2019 and 14 November 2019, have been extended to 1 October
2023 and 14 November 2023 respectively.
Save for the above, all other terms of the Loan remain the
same.
John Wood, Interim Chairman and CEO of InfraStrata, said:
"We are pleased to have now put in place a debt facility for
Harland and restructured the second tranche of the loan facility
that we drew down in order to fund part of the costs of the Harland
acquisition. The introduction of this asset-backed debt facility
validates our thesis of leveraging physical assets and creating
cashflow sources. This has been possible due to the acquisition of
Harland's physical assets, something that we would not have been
able to achieve with the Company's portfolio of intangible
assets."
**ENDS**
For further information, please visit www.infrastrataplc.com or
contact:
InfraStrata plc c/o Newgate Communications
John Wood, Chief Executive & Interim Chairman +44 (0)20 3735
8825
Allenby Capital Limited (AIM Nominated
Adviser & Broker) +44 (0)20 3328
Jeremy Porter / Liz Kirchner 5656
Arden Partners plc (Joint Broker)
Paul Shackleton / Dan Gee-Summons (Corporate
Finance) +44 (0)20 7614
Simon Johnson (Corporate Broking) 5900
Newgate Communications (PR) +44 (0)20 3757
Elisabeth Cowell/ Ian Silvera 6880
Notes to editors:
InfraStrata is a London Stock Exchange-quoted group focused on
strategic infrastructure projects.
The rapid development of the 100% owned Islandmagee Gas Storage
Project is a core workstream for InfraStrata. It is expected to
provide 25% of the UK's natural gas storage capacity and to benefit
the Northern Ireland economy as a whole when complete. Given that
the Committee on Climate Change has advised that the UK will still
need a significant quantity of natural gas by 2050 - about 70% of
today's consumption - the market opportunity for this project is
compelling.
The Company also owns and operates the assets of Harland &
Wolff in Belfast, where it will undertake the fabrication work for
the Islandmagee project, as well as establish secondary revenue
streams through the provision of services to the energy, maritime
and defence sectors should such opportunities arise in future.
Mindful of the fact that safe, secure and flexible sources of
energy are needed for a sustainable future, InfraStrata is focused
on providing investors with exposure to a growing portfolio of UK,
European and international energy infrastructure projects. With
this in mind, the Company's highly experienced team is focused on
acquiring, developing and commercialising innovative infrastructure
projects around the world.
The Front-End Engineering & Design (FEED) and Insitu
Downhole Testing programme for the Islandmagee Gas Storage Project
is co-financed by the European Union's Connecting Europe
Facility.
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author. The European Union is not responsible for any use that may
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END
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