Mobile networking software provider Pareteum Corporation (NYSE MKT: TEUM) has inked an agreement with its senior secured lender Atalaya Capital Management to restructure its debt, including extending the maturity date of amounts owed into 2017 and 2018, the company said.
The lender has agreed to extend the maturity date on the USD10.1 million of outstanding principal and premiums to June 30, 2017. Upon repayment of USD1.5 million by March 31, 2017 and an additional USD1.5 million by June 30, 2017, the maturity date on the remaining outstanding debt will be automatically extended to December 31, 2017.
A further automatic extension to February 28, 2018 is based on the company achieving certain leverage ratios as of November 30, 2017.
Pareteum Corporation and its subsidiaries provide a mobility cloud platform, utilizing messaging and security capabilities for the global Mobile, MVNO, Enterprise and IoT markets.
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