NXT-ID reduces term debt by $5.0 Million
09 February 2021 17:26 GMT

NXT-ID, a provider of healthcare devices and services, announced today it has made a prepayment of approximately $5.0 million in principal of its senior secured debt. As a result of this prepayment, the Company reduced the outstanding principal amount to approximately $5.7 million.

Commented Vincent S. Miceli, CEO of NXTD: “I’m pleased to report that we have nearly halved our debt load so early into 2021.  The reduction in our debt will save us approximately $700,000 in interest costs annually.  That savings will enable us to invest more capital in our business and will play a key role in our continued ability to weather the COVID storm and better position us to get our new products to market quicker and open up new distribution channels as we have indicated in our previous shareholder updates.”

Miceli further commented that 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 $10.7 mil or 65% of its Term Loan from inception.

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