Nxt-ID, Inc. (NASDAQ: NXTD) (the "Company," "we," or "our"), a provider of healthcare devices and services, announced today that it had prepaid an additional $3.0 million of its Senior Secured Term Loan Facility.
Commented Vincent S. Miceli, CEO: "On Monday, May 3, 2021, we made a voluntary prepayment of the Term Loan in the amount of $3.0 million. We did not incur a prepayment premium related to this prepayment. At current interest rates, the Company expects that this prepayment will save the Company approximately $400 thousand in interest expense on an annual basis. The Company plans to reinvest the interest cost savings in our continuing new product development efforts and to accelerate repayment of the remaining Term Loan balance."
Miceli further commented: "De-levering the Term Debt is and has been a key objective for the Company and this significant prepayment reflects our continued commitment to building shareholder value." To date, the Company has repaid approximately $14.3 mil or 86% of its Term Loan from inception. After this prepayment, the Company's Term Loan balance is approximately $2.2 million.
