NN to pay down term loan and asset-backed revolving credit facility

By Angela McDaniels

Tacoma, Wash., June 25 – NN, Inc. plans to use proceeds of a stock offering to repay debt under its term loan and asset-backed revolving credit facility, according to a company news release.

The company will sell $158.4 million of common stock in a follow-on offering with a $23.76 million greenshoe. The offering is expected to close July 1.

Proceeds will also be used for other general corporate purposes, including to fund acquisitions and investments, to finance capital expenditures, to repay or refinance other borrowings and to provide working capital.

KeyBanc Capital Markets Inc. is the bookrunner.

NN is a diversified industrial company based in Johnson City, Tenn.

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