NN, Inc., 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.
NN 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.
Warren 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."
SunTrust Robinson Humphrey, KeyBank and JP Morgan served as joint lead arrangers on the transaction.