NN, Inc. (NNBR) Borrows Additional $20 Million in Fixed Rate Notes

NN, Inc. (Nasdaq: NNBR) has borrowed an additional $20 million in seven-year fixed rate notes from Prudential Capital at a rate of 4.64%. The new notes, which mature on December 20, 2018, are interest-only for the first two years followed by four equal annual principal payments. The proceeds will be used to repay existing revolving credit bank debt and to fund growth capital projects. Prudential Capital has also agreed to reduce the rate on the Company's existing $17.1 million of fixed rate notes due in 2014 from 6.50% to 5.39%.

Post transaction, the Company has a total of $37.1 million in Prudential fixed rate notes and a $100 million revolving credit agreement with a syndicated bank group of Keybank, BB&T, Regionsbank and Wells Fargo. Approximately $50 million is outstanding under this agreement. The revolving credit agreement expires in April of 2014.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Wells Fargo Downgrades Canada Goose (GOOS:CN) (GOOS) to Underweight
• Morningstar Q&A: AI Pricing, PitchBook Growth and Private Markets
• Court awards Biohaven and Yale $4M in trade secret case