NN conducts sale-leaseback, will repay portion of term loan

Chicago, March 8 – NN, Inc. said that it took a first step in a balance sheet optimization plan that included a sale-leaseback on three facilities, according to a press release.

The aggregate purchase price of $16.8 million will be used to repay a portion of the company’s term loan.

The company is aiming to reduce cash interest and strengthen its balance sheet.

In addition, the company noted it has reduced its corporate headquarters footprint by roughly two-thirds through a separate sublease transaction, lowering ongoing operating costs.

“We are taking actions in line with a multi-step 2024 plan to reduce our cost of capital, and to position ourselves for future refinancing when market conditions are favorable,” Mike Felcher, senior vice president and chief financial officer of NN, Inc. said in the release.

NN is a diversified industrial company based in Charlotte, N.C.

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