March 10, 2010 (FinancialWire) — NN, Inc. (NASDAQ: NNBR) said it has amended its two credit facilities. The existing facilities were previously amended and restated as of March 13, 2009.

James H. Dorton, NN’s chief financial officer said, said the company amended its previously amended revolving credit facility on March 8, with Key Bank as the administrative agent.

He said that NN had also amended the terms for its previously amended senior notes due in April 2014 with Prudential Capital.

NN said it currently has $59.2 million outstanding under the revolving credit facility and $28.6 million outstanding under the senior notes.

The company said the amendments were necessary to establish new financial covenants and to replace those that were due to expire within 2010.

NN added that 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 the firm’s financial results and outlook.

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.

Tennessee-based NN manufacturers and supplies precision metal bearing components, industrial plastic and rubber products and precision metal components to a range of markets on a global basis.

The firm has 12 manufacturing plants in the United States, Western Europe, Eastern Europe and China. NN posted sales of US $425 million in 2008.

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