NN, INC. Announce Amended Credit Facilities
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Mar 16,2010
NN, Inc. (Nasdaq: NNBR) today announced that it has amended its two credit facilities. The existing facilities were previously amended and restated as of March 13, 2009.
James H. Dorton, Vice President and Chief Financial Officer commented, “On March 8, 2010, we amended our previously amended revolving credit facility with Key Bank as the administrative agent. We also amended the terms for our previously amended senior notes due in April 2014 with Prudential Capital. The Company currently has $59.2 million outstanding under the revolving credit facility and $28.6 million outstanding under the senior notes. These amendments were necessary to establish new financial covenants and to replace those that were due to expire within 2010. The new covenants, which will be in effect through the expiration of the revolving credit facility in September 2011, reflect improving economic conditions and the resulting expected improvement in our financial results and outlook. As of December 31, 2009, we were in compliance with all existing covenants.”
“The revised syndicated credit agreement provides for an initial commitment of $85 million, which reduces by $1 million at the end of each of the three fiscal quarters beginning with the December 31, 2010 quarter end and ending with the June 30, 2011 quarter end. The total commitment amount will reduce to $82 million during this time. The amended facility provides for the borrowing of available funds by certain of the Company’s domestic and European subsidiaries and is collateralized by assets of the Company in addition to pledges of stock and guarantees of our domestic and foreign subsidiaries. The loan agreements contain customary covenants including restrictions on payments for dividends, capital expenditures and stock repurchases. The syndicated loan agreement carries a revised interest rate of LIBOR plus 4.75% and the senior notes which are due on April 2014, carry an interest rate of 8.5%. At current interest rates, this yields a blended interest rate of approximately 6.3% on NN’s total debt.”
NN, Inc. manufacturers and supplies high precision metal bearing components, industrial plastic and rubber products and precision metal components to a variety of markets on a global basis. Headquartered in Johnson City, Tennessee, NN has 12 manufacturing plants in the United States, Western Europe, Eastern Europe and China. NN, Inc. had sales of US $425 million in 2008.
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
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