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 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, as amended in March 2017 (the Amended Loan
Agreement), with YES BANK Limited (the Lender), to which the
Lender increased their credit facility to MMPL to INR 250 million
or approximately USD 3.75 million (Credit Facility). As part of
the amendment, a MoneyOnMobile, Inc. shareholder provided the
lender with an additional USD 5.0 million bank guarantee 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.
expansion to $3.75 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
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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 up +0.055 at 0.440 with 76,700 shares trading hands.
