NN, a global diversified industrial company that engineers and manufactures high-precision components and assemblies, entered into an ABL credit agreement governing a new asset-backed senior secured revolving credit facility.
The new ABL credit agreement is designed to provide NN with a $50 million revolving credit facility. The proceeds from the new credit facility were applied to refinance outstanding obligations under the company’s existing asset-backed loan credit agreement.
The new ABL credit agreement will carry a maturity of the earlier of two dates, between Dec. 30, 2029, or the date that is 90 days prior to the maturity date of the company’s term loan. PNC Bank is the underwriter for the transaction.
“We are pleased to announce the successful refinancing of our revolving credit facility, as this marks an important and positive next step in our comprehensive refinancing efforts,” Chris Bohnert, senior vice president and chief financial officer of NN, said. “The favorable terms of the new ABL facility reflect the market’s growing confidence in our trajectory, driven by the early success of our company’s enterprise transformation efforts. We thank our lenders for the support shown through this transaction, and we look forward to further advancing our capital structure optimization strategy and utilizing our capital resources to fund our expanding growth programs.”
