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NN, Inc. Announces Amendment To Credit Facility
CHARLOTTE, N.C., June 17, 2019 /PRNewswire/ -- NN, Inc., (NASDAQ: NNBR) a diversified industrial company, announced that on June 11, 2019, it entered into an
About this update from Nn, Inc.
[{"type":"text","content":" CHARLOTTE, N.C., June 17, 2019 /PRNewswire/ -- NN, Inc., (NASDAQ: NNBR) a diversified industrial company, announced that on June 11, 2019, it entered into an amendment to its Amended and Restated Credit Agreement. The amendment reduced the amount available under the Company's senior secured revolver and increased the consolidated net leverage ratios for quarterly periods ending on or after March 31, 2019. The principal rationale for the amendment was to create additional flexibility for the purpose of maintaining the Company's historical dividend practice.\nRichard Holder, President and Chief Executive Officer, commented, \"In collaboration with our lending partners, we made a technical change to our credit agreement that allows us to maintain our historical dividend.\" Mr. Holder noted further, \"We are pleased with our second quarter performance to date, reaffirm our prior guidance, and remain focused on execution and deleveraging the business.\"\nNN, Inc., a diversified industrial company combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has 51 facilities in North America, Western Europe, Eastern Europe, South America and China.\nExcept for specific historical information, many of the matters discussed in this press release may express or imply projections of revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These, and similar statements, are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual performance of NN, Inc. and its subsidiaries to differ materially from those expressed or implied by this discussion. All forward-looking information is provided by the Company pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as \"assumptions\", \"target\", \"guidance\", \"outlook\", \"plans\", \"projection\", \"may\", \"will\", \"would\", \"expect\", \"intend\", \"estimate\", \...