NN, a diversified industrial company, amended its credit facility, reducing the amount available under the company’s senior secured revolver from $125 million to $110 million and increasing the consolidated net leverage ratios for quarterly periods ending on or after March 31, 2019. The principal rationale for the amendment was to create additional flexibility for the purpose of maintaining the company’s historical dividend practice.
According to a related 8-K filing, SunTrust Bank served as administrative agent for the transaction.
Richard Holder, president and chief executive officer, said, “In collaboration with our lending partners, we made a technical change to our credit agreement that allows us to maintain our historical dividend.” Mr. Holder noted further, “We are pleased with our second quarter performance to date, reaffirm our prior guidance, and remain focused on execution and deleveraging the business.”
Based in Charlotte, NC, NN, combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis.