December 27, 2010 (FinancialWire) (http://www.financialwire.net/) — NN, Inc. (NASDAQ: NNBR) said that it has amended its two credit facilities, including a revolving credit facility and the terms for its senior notes due in April 2014.

The company said that, due to improved market conditions and NN’s improved financial performance, the new facility carries more favorable terms than the expiring facility.  The covenants are now set at levels that will allow the firm to fund our strategic growth projects as well as realize significant savings on interest costs.

The amended syndicated credit agreement, which has a revised maturity date of December 21, 2014, provides for an initial commitment of $75 million. The facility carries an expansion feature that will allow the borrowing of up to a maximum of $135 million.

NN’s syndicated loan agreement carries a revised interest rate of LIBOR or a base rate plus an applicable margin of 1.5% or 3.5%, depending on the levels of certain covenants.

The senior notes, which are due on April 2014, carry a new interest rate of 6.7%, down from the previous rate of 8.5%. At current interest rates and covenant levels, this yields a blended interest rate of around 4.5% on NN's total debt.

This compares to a blended rate of 6.1% prior to closing the amended facility.

NN said it currently has around $53.0 million outstanding under the revolving credit facility and $22.9 million outstanding under the senior notes.  

Tennessee-based NN manufacturers and supplies metal bearing components, industrial plastic and rubber products and precision metal components to a range of end markets on a global basis. NN has 12 manufacturing plants in the United States, Western Europe, Eastern Europe and China.  

=========

All of FinancialWire(tm)’s daily news offering is accessible via the FinancialWire(tm) website (at http://www.financialwire.net/). In addition, some premium content — normally available to subscribers only — is now being posted in its entirety, courtesy of Investrend Syndications (at http://www.investrend.com).

=========

Equity research on any public company is available through the Shareholders Research Alliance (go to http://www.investrend.com/synd0004 for more information).  Real-time, streaming research for companies and funds mentioned in FinancialWire(tm) news is available via the Investrend Research Syndicate (at http://investrend.stocksmart.com).  Current valuation analysis research for companies and funds mentioned in FinancialWire(tm) news is available via the Investrend Research Syndicate (at http://www.valuengine.com/rep/searchsrep?pid=42&srchfor=).

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public other companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (at http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation from subject entities, companies, equities, or representatives thereof, for its news, opinions or distributions. Further disclosure is posted at the FinancialWire(tm) website (at http://www.financialwire.net/disclosures.php and http://www.financialwire.net/2010/04/23/safe-harbor/). Additional resources for investors are also accessible via the FinancialWire(tm) website (at http://www.financialwire.net/2010/04/23/investor-resources/). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Copyright © MMX, FinancialWire(tm); All rights reserved.

[hlmsmlh] [mnfctrng] [fnncngj] [btnwswntb]

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.