Wireless Telecom Announces Partial Pre-Payment of Term Loan Facility
Wireless Telecom Group (NYSE American: WTT) announced a $3.7 million voluntary pre-payment, approximately 47% of its term loan balance to Muzinich BDC, Inc. This strategic move, funded by current cash and revolving credit, also involved negotiating amendments that lowered the interest rate on remaining amounts. CFO Mike Kandell highlighted that this action reflects improved financial results and liquidity, with an anticipated annual interest expense reduction of $380,000. The company remains focused on investing in growth while enhancing positive free cash flow.
- Made a $3.7 million pre-payment on term loan, reducing debt by 47%.
- Lowered annual interest expenses by approximately $380,000.
- Improved financial results and liquidity position.
- None.
Parsippany, New Jersey, USA, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Wireless Telecom Group, Inc. (NYSE American: WTT) today announced that the Company made a
Mike Kandell, CFO of Wireless Telecom Group, Inc., stated, “The pre-payment of a portion of the Muzinich Term Loan Facility demonstrates our improving financial results and strengthening liquidity position. We remain committed to investing in our future while generating positive free cash flow and reducing our debt. The debt prepayment is expected to lower our annual interest expense by approximately
About Wireless Telecom Group
Wireless Telecom Group, Inc., comprised of Boonton, CommAgility, Holzworth, Microlab, and Noisecom, is a global designer and manufacturer of advanced RF and microwave components, modules, systems, and instruments. Serving the wireless, telecommunication, satellite, military, aerospace, semiconductor, and medical industries, Wireless Telecom Group products enable innovation across existing and emerging wireless technologies. With a product portfolio including peak power meters, signal generators, phase noise analyzers, signal processing modules, LTE PHY/stack software, power splitters and combiners, GPS repeaters, public safety components, noise sources, and programmable noise generators, Wireless Telecom Group supports the development, testing, and deployment of wireless technologies around the globe.
Wireless Telecom Group, Inc.’s website address is wirelesstelecomgroup.com. Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include the expectation of improving financial position and strengthening liquidity position and our expectation of lower annual interest expense of approximately
Investor Contact
Mike Kandell: +1 (973) 386-9696
SM Berger & Company: +1 (216) 464-6400
Marketing Contact
Maria Droge: +1 (973) 386-9696
Wireless Telecom Group Inc.
25 Eastmans Road
Parsippany, NJ 07054
Tel: (973) 386-9696
FAQ
What recent financial move did WTT make regarding its term loan?
How will the pre-payment affect WTT's interest expenses?
What percentage of the term loan balance did WTT pay off?
What sources did WTT use to fund the pre-payment?