OPERATING TOLL PROJECT IN EAST INDIA
- The Project, an operating Toll asset, was in stress:
- Lower than projected toll collections, leading to NPA
- Promoter group being in financial distress
- Several contractual issues
- Toll plaza proposed to be shifted to unfavorable location
- Unfinished Major Maintenance works
- Unpaid Claims of $ 14 Mn
- Unresolved Concession Extension of 212 days
- Investor purchased 56% of debt (discount of ~60% and investment of $21 Mn). iValue managed debt purchase (completed in Mar 22).
- Debt pricing levels were lower than the termination payment due from NHAI (as per Concession Agreement), thereby de-risking the principal investment.
- Investor has launched a sale process of the project SPV at an enterprise level.
- Contractual issues stand resolved to the extent of
- Hon’ble SC of India has ruled in favour of Project on toll plaza
- All major maintenance works stand completed
- Arbitral award of $23 Mn and Extension of 212 days in place
| Particulars | Details |
| Annual Toll | $9 Mn |
| Total Toll (Expected) | $ 182 Mn |
| Toll/Debt | 1.54x |
| Equity | $ 17 Mn |
| Debt | $ 118 Mn |
| Interest Rate | 12.75% |
| Tenor Left | 11 Years |
