Parsippany, New Jersey, USA – September 29, 2021 – 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.”