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BRIEF-Banro Exercises Contractual Right To Defer Interest Payment On Secured Notes

Published 2017-12-01, 06:40 a/m
© Reuters.  BRIEF-Banro Exercises Contractual Right To Defer Interest Payment On Secured Notes

Dec 1 (Reuters) - Banro Corp BAA.TO :

* BANRO ANNOUNCES EXERCISE OF CONTRACTUAL RIGHT TO DEFER INTEREST PAYMENT ON SECURED NOTES

* BANRO-UNDER TERMS OF INDENTURE GOVERNING 10% SECURED NOTES DUE 2021, ELECTED TO DEFER PAYMENT OF ABOUT US$4.94 MILLION INTEREST PAYMENT DUE ON DEC 1, 2017

* BANRO-NO "EVENT OF DEFAULT" TO OCCUR UNDER OTHER MATERIAL DEBT OBLIGATIONS OF CO, UNITS AS A RESULT OF INTEREST NOT BEING PAID ON DEC 1, 2017

* BANRO - TO UTILIZE GRACE PERIOD TO CONTINUE DISCUSSIONS WITH MAJOR STAKEHOLDERS CONCERNING POSSIBLE RESTRUCTURING OF CO'S NON-DRC DEBT OBLIGATIONS

* BANRO-TO ALSO UTILIZE GRACE PERIOD TO CONTINUE DISCUSSIONS WITH STAKEHOLDERS CONCERNING PROVISION OF FINANCING TO SUPPORT CO'S ONGOING OPERATIONS IN DRC

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