JOHNSON CITY, Tenn., Nov. 24, 2017 /PRNewswire/ — NN, Inc., (NASDAQ: NNBR), a diversified industrial company, today announced that it has completed the repricing of its existing senior secured credit facilities. The amendment, which lowered the interest rate 0.50% or 50 basis points on both tranches, is effective immediately. There were no changes to the maturities or covenants under the credit facilities. SunTrust Robinson Humphrey acted as lead arranger on the transaction.
Richard D. Holder, President & CEO, commented, “We have taken another important step as we continue to focus on prudent capital management with the goal of deleveraging our balance sheet and continuing to expand our free cash flow profile. This reduction in interest expense is another significant advancement toward the achievement of our strategic targets.”
NN, 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 Johnson City, Tennessee, NN has 36 manufacturing facilities in North America, Western Europe, Eastern Europe, South America and China.
Except 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”, “anticipate”, “believe”, “potential” or “continue” (or the negative or other derivatives of each of these terms) or similar terminology. Factors which could materially affect actual results include, but are not limited to: general economic conditions and economic conditions in the industrial sector, inventory levels, regulatory compliance costs and the Company’s ability to manage these costs, start-up costs for new operations, debt reduction, competitive influences, risks that current customers will commence or increase captive production, risks of capacity underutilization, quality issues,