NN, Inc. (NASDAQ: NNBR) announced a three-part transaction to address its $124 million in Series D preferred stock held by investment funds managed by Morgan Stanley Tactical Value.

The first component involved NN paying off $70 million of the preferred stock using cash raised through a private investment in public equity (PIPE) transaction completed in July 2026. The second component involved exchanging approximately $19 million of preferred stock for common stock through an exchange agreement with Morgan Stanley Tactical Value. The third component refinanced the remaining $35 million of preferred stock at a reduced interest rate of 10% for one year, along with a $5 million discount if NN redeems the remaining preferred stock by Dec. 31, 2026.

Harold Bevis, President and CEO of NN, Inc., said the $75 million PIPE transaction was oversubscribed, reflecting institutional demand for the company's stock. He added that Morgan Stanley Tactical Value agreed to convert a portion of its preferred equity into NN common stock as part of the refinancing arrangement.

Craig-Hallum Capital Group served as financial advisor to NN, Inc. Cooley LLP served as legal counsel to NN, Faegre Drinker Biddle & Reath LLP served as legal counsel to Craig-Hallum, and Gibson, Dunn & Crutcher LLP served as legal counsel to Morgan Stanley Tactical Value.

NN is scheduled to discuss its results during a quarterly investor conference call on Aug. 6, 2026, at 9 a.m. ET. The company is headquartered in Charlotte, North Carolina, and operates facilities in North America, South America, Europe, and China.