NNBR - NN amends $150M term loan

NN (NASDAQ:NNBR) has amended its 5.5-year/$150M term loan with funds managed by Oaktree Capital Management. The amendment increases the maximum total leverage ratio in a range of 0.25x to 0.75x for all quarters of 2022 and 2023. The interest rate will remain unchanged. CEO Warren Veltman stated, "The amendment provides us time and flexibility to continue to make the right long-term decisions for the business as we return to a normal operating environment. In 2022, we expect the unprecedented impacts of supply chain disruption for semiconductor chips and other key inputs as well as inflation that we have experienced in 2021 to stabilize. These developments, coupled with the pricing actions we have taken with customers to recover inflation is expected to result in improved profitability in 2022."

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NN amends $150M term loan