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May 1 (Reuters) - Africa-focussed Petra Diamonds
said on Friday it would hold off on making an interest payment
on bonds due on May 1 and make use of a 30-day grace period to
find a resolution with creditors that allows it to draw down
other new borrowing.
Interest payments, payable semi-annually, are needed on May
1 and Nov. 1 for Petra's outstanding $650 million, 7.25% Senior
Secured Second Lien Notes due 2022.
The company said the terms of a short-term credit facility
it is negotiating with its South African banking backers are
likely to specify that it must not make the payments.
(Reporting by Shanima A in Bengaluru; editing by Patrick
Graham)
