NN repays $200 million second-lien facility with stock proceeds

By Wendy Van Sickle

Columbus, Ohio, Sept. 18 – NN Inc. repaid its $200 million second-lien credit facility with some proceeds of a public offering of its common stock, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

NN repaid about $204.4 million, including interest, under the second-lien credit facility with SunTrust Bank and terminated the facility, which was dated May 7.

The company sold 14,375,000 of its common shares at $16.00 apiece for net proceeds of about $216.93 million. Proceeds will also be used for general corporate purposes.

NN is a Johnson City, Tenn.-based manufacturer and supplier of high precision metal bearing components, industrial plastic and rubber products and precision metal components.

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