MoneyOnMobile, Inc. (OTCMKTS:MOMT) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 2.03
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Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant. |
MoneyOnMobile, Inc. (the “Company”) amended its December 2016
loan agreement (the Amended Loan Agreement) with YES BANK Limited
(the Lender), to which the Lender extended an unsecured credit
facility to the Company from INR 100 million to INR 200 million
or approximately USD 1.5 million to USD 3.0 million (Credit
Facility). As part of the amendment, a MoneyOnMobile, Inc.
shareholder provided the lender with an additional USD 2.0
million standby letter-of-credit in order to assure repayment by
MMPL of any amounts borrowed from the Lender. Borrowings under
the Credit Facility are at a variable rate based on 2.1% over a
base rate, which is currently equal to 9.5%. The resulting
aggregate interest rate on the Credit Facility totals 11.6% and
matures in December 2017. In the event of a default, the Lender
may seek standard remedies. The foregoing descriptions of the
Loan Agreement and related agreements do not purport to be
complete and are qualified in their entirety by reference to the
complete text of the Loan Agreement, which is filed as Exhibit
10.1 to the Current Report on Form 8-K filed with the SEC on
December 12, 2016.
the expansion to $3.0 Million for its Unsecured Lending
Transaction with YES BANK Limited. The press release is attached
hereto as Exhibit 99.1.
information and exhibits attached hereto in this Section 7.01
shall not be deemed “filed” for the purposes of Section 18 of the
Securities Exchange Act of 1934, nor shall it be deemed
incorporated by reference in any filing.
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Exhibit No.
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Description
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99.1
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Press Release: Expansion of Unsecured Credit Facility
Press Release |
About MoneyOnMobile, Inc. (OTCMKTS:MOMT)
MoneyOnMobile, Inc., formerly Calpian, Inc., is an early-stage company. The Company operates through the MoneyOnMobile segment, which is a mobile wallet service used to pay for goods and services from a mobile phone and to make other financial transactions. MoneyOnMobile allows consumers, to deposit funds into their mobile wallet or to perform a financial transaction through its agent network of approximately 313,541 retail locations as of April 30, 2016. Consumers use their mobile phones to make certain routine payments for utilities or to transfer currency to other consumers using text-messaging and mobile application technology. MoneyOnMobile offers electronic wallet services (M-wallet), similar to carrying a prepaid debit card, however using the consumer’s mobile phone. MoneyOnMobile has a multi-lingual application. By using this application, customers, through its agent network, can pay for goods and services and send money anytime and anywhere. MoneyOnMobile, Inc. (OTCMKTS:MOMT) Recent Trading Information
MoneyOnMobile, Inc. (OTCMKTS:MOMT) closed its last trading session down -0.070 at 0.430 with 47,923 shares trading hands.
