Nxt-ID, Inc. Completes $16.5 Million Long-term Debt Refinancing
NXT-ID Inc. (NXTD)
US:NASDAQ Investor Relations:
nxt-id.com/investor-relations
Company Research
Source: PR Newswire
SEBASTIAN, Florida, May 7, 2019 /PRNewswire/ -- Nxt-ID, Inc. (NASDAQ: NXTD) (the "Company") today announced the closing of a $16.5 million senior secured term loan (the "Term Loan"). The Company will use the proceeds from the Term Loan to refinance its existing loan facility and to pay other costs associated with the refinancing. Key features of the Term Loan include:Interest rate of LIBOR + 11.00%; Maturity date of three years after closing, and Three-year term with minimum principal payments amortized over 96-months.The refinancing also removes a covenant of the existing debt facility and allows the Company to proceed with the proposed spin-off of its Fit Pay, Inc. subsidiary and its payments, authentication, credential management business and other assets into a new company called PartX, Inc. ("PartX"). "We are very pleased to have completed this transaction and refinanced our debt facility," said Nxt-ID Chief Executive Officer Gino Pereira. "It enables us to move forward with t
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