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NN, Inc. Announces Extension of Senior Credit Facilities and Credit Agreement Amendment
CHARLOTTE, N.C., Dec. 19, 2019 /PRNewswire/ -- NN, Inc. (NASDAQ: NNBR), a diversified industrial company, today announced that it has successfully amended its
About this update from Nn, Inc.
[{"type":"text","content":"CHARLOTTE, N.C., Dec. 19, 2019 /PRNewswire/ -- NN, Inc. (NASDAQ: NNBR), a diversified industrial company, today announced that it has successfully amended its senior credit agreement to, among other things, extend the maturity date of its revolving facility to July 20, 2022, and extend its April 2021 Term Loan B to October 19, 2022, matching the maturity date of NN's longer-dated Term Loan B. \nNN has used proceeds from the previously announced $100 million strategic investment in the form of perpetual preferred stock to pay off all borrowings on its Senior Secured Revolving Credit Facility. As a result, NN reduced the size of its revolving credit facility to $75 million from $110 million.\nWarren Veltman, interim President and CEO, commented, \"The amendment of NN's senior credit facilities and extension of our maturities is yet another significant step toward improving our capital structure. The extended facilities, along with our recently announced strategic investment, will further our efforts to pay down our debt, thereby enhancing our credit profile and liquidity. It also allows management and the Board of Directors to complete its previously announced evaluation of strategic alternatives.\"\nSunTrust Robinson Humphrey, KeyBank and JP Morgan served as joint lead arrangers on the transaction.\nAdditional information regarding today's announcement is available in a Form 8-K filed with the SEC.\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 50 facilities in North America, 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 pro...