NN, Inc. Secures $50 Million Revolving Credit Facility
NN, Inc. Secures New Financing Through ABL Credit Agreement
NN, Inc. (NASDAQ: NNBR), a global leader in engineering and manufacturing high-precision components, has taken a significant step in enhancing its financial position. Recently, the company announced that it has successfully entered into an asset-based lending (ABL) credit agreement that will offer a revolving credit facility amounting to $50 million. This strategic move is aimed at refinancing existing obligations and fortifying its capital structure.
Details of the ABL Credit Agreement
The newly established ABL credit facility boasts innovative terms designed to benefit NN, Inc. substantially. It will carry a maturity aligned with the earlier of two key dates: either December 30, 2029, or 90 days prior to the maturity of the company’s term loan. The underwriting for this deal is being managed by PNC Bank, N.A., showcasing the confidence in NN's financial strategies.
CEO's Insights on the New Financing
In a statement, Chris Bohnert, the Senior Vice President and CFO of NN, Inc., expressed enthusiasm regarding the refinancing of the revolving credit facility. He mentioned that this milestone represents not only a positive development in their financing strategy but also illustrates the market's growing confidence in the company's potential. Bohnert’s insights reflect the optimism surrounding NN's enterprise transformation efforts, which are driving the company’s growth and financial health.
Leveraging Financial Strategies for Growth
The new ABL Credit Agreement is more than just a financial transaction; it serves as a cornerstone for NN’s expansion plans. By refinancing existing liabilities, the company can channel its financial resources towards amplifying growth initiatives. The favorable terms of the credit facility mark a pivotal moment in NN, Inc.'s ongoing efforts to optimize its capital structure.
About NN, Inc.
NN, Inc. is a distinguished global diversified industrial enterprise headquartered in Charlotte. Renowned for its advanced engineering and materials science expertise, NN designs and manufactures high-precision components essential across various market segments worldwide. The company boasts manufacturing facilities in North America, Europe, South America, and Asia, affirming its global footprint.
Commitment to Innovation and Quality
Looking ahead, NN, Inc. remains dedicated to innovation and customer satisfaction. By leveraging its advanced capabilities and comprehensive material expertise, the company aims to continually improve its product offerings and meet the evolving needs of its clients. This unyielding commitment to quality and operational excellence positions NN, Inc. favorably for sustained growth.
Investor Relations Contact Information
For further inquiries, NN, Inc. invites interested parties to contact their Investor Relations team: Joseph Caminiti or Stephen Poe can be reached at NNBR@alpha-ir.com or by phone at 312-445-2870.
Frequently Asked Questions
What is the significance of the new ABL Credit Agreement for NN, Inc.?
The ABL Credit Agreement allows NN, Inc. to refinance existing obligations and enhance its financial resources for growth initiatives.
How much is the revolving credit facility under the new agreement?
The company has secured a revolving credit facility totaling $50 million.
Who is underwriting the new ABL credit facility?
The underwriting for the ABL credit facility is being managed by PNC Bank, N.A.
What are Chris Bohnert's views on the refinancing strategy?
Bohnert stated that this refinancing is a vital and positive step in NN's comprehensive refinancing efforts, reflecting market confidence.
Where is NN, Inc. headquartered?
NN, Inc. is headquartered in Charlotte and operates several manufacturing facilities around the globe.
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