NN amends and restates $90 million revolver, senior notes

By Sara Rosenberg

New York, March 17 - NN Inc. closed on a $90 million amended and restated revolving credit facility due September 2011, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

In addition, the company amended and restated the terms of the agreement for its senior notes, which are due in April 2014 and carry a revised interest rate of 8.5%.

Key Bank acted as the lead arranger, bookrunner and administrative agent on the revolver that was completed on March 13.

Pricing on the revolver is Libor plus 400 basis points.

Security is the assets of the company in addition to pledges of stock and guarantees of its domestic and foreign subsidiaries.

The company said that the revolver and the notes were revised to change certain financial covenants to reflect current economic and business conditions and to assure the availability of credit.

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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