Wireless Telecom Announces Partial Pre-Payment of Term Loan Facility
September 29 2021 - 06:00AM
Wireless Telecom Group, Inc. (NYSE American: WTT) today
announced that the Company made a $3.7 million voluntary
pre-payment of its Muzinich BDC, Inc. (“Muzinich”) Term Loan
Facility (“Facility”), or approximately 47% of the term loan
balance. In connection with the voluntary pre-payment, Wireless
Telecom negotiated certain amendments associated with the Facility,
including a lower interest rate on the remaining outstanding
amounts. The Company used current cash on hand and availability
under its Asset Based Revolving Credit Facility with Bank of
America, N.A. to fund the pre-payment.
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 $380,000.”
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 $380,000. Prospective
investors are cautioned that any such forward-looking statements
are not guarantees of future performance and involve a number of
risks and uncertainties that could materially affect actual
results. Such risks and uncertainties are identified in the
Company's reports and registration statements filed with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K for the year ended December 31, 2020.
Investor
ContactMike Kandell: +1 (973) 386-9696SM Berger
& Company: +1 (216) 464-6400
Marketing ContactMaria Droge:
+1 (973) 386-9696Wireless Telecom Group Inc.25 Eastmans
RoadParsippany, NJ 07054Tel: (973) 386-9696
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