NNBR - NN arranges $265M new financing

NN (NNBR) announces a new financing to provide a $50M asset-based credit line, a 5.5-year $150M term loan, and a $65M preferred stock issuance, respectively.  Proceeds from the transaction will be used to repay the current principal balance of $70M on its term loans due in 2022, to redeem its current $100M outstanding preferred stock, prior to the increase in redemption premium at March 31, 2021, and pay off its fixed interest rate swap of $14M. The transaction strengthens its balance sheet by extending its capital structure's maturity at an attractive blended cost of capital, allowing more financial flexibility.

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NN arranges $265M new financing