X-Rite to Pay Off High-Interest Second Lien Indebtedness
X-Rite, Incorporated (NASDAQ:XRIT) today announced that as part of the Companys ongoing efforts to deleverage its balance sheet and to lower the Companys cost of capital, it will pay off in full the remaining principal balance of $26.4 million on its 14.375% Second Lien Indebtedness with cash on hand and borrowings under its revolving credit facility. Net interest savings are expected to be about $2.8 million on an annual basis.