Pareteum, an international provider of mobile networking software and services, entered into an amended and restated credit agreement with its senior secured lender to restructure its debt, including extending the maturity date of amounts owed into 2017 and 2018.

According to a related 8-K filing, Atalaya Capital acted as administrative and collateral agent. Corbin Mezzanine Fund I was the lender.

The lender has agreed to extend the maturity date on the $10.1 million of outstanding principal and premiums to June 30, 2017. Upon repayment of $1.5 million by March 31, 2017 and an additional $1.5 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.

In addition, the company agrees to repay $250,000 by the end of each fiscal quarter of 2017, and $500,000 by the end of each fiscal quarter of 2018. The amendment also provides for the current interest rate of 13% to be reduced to 12% once the company has made the first two $1.5 million payments in 2017. As part of the amendment, the lender received warrants to purchase 31.8 million common shares of the company at 13 cents per share through December 27, 2019.

“We are pleased to have reached an agreement with our senior lender to extend the maturity date of the outstanding debt and to enter into a structured, long-term repayment plan that affords the company with added flexibility to improve our terms as we successfully execute on our post restructuring business plan,” said Hal Turner, Pareteum’s executive chairman.