NN, INC. (NASDAQ:NNBR) Files An 8-K Entry into a Material Definitive Agreement
|ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT|
On April3, 2017, NN, Inc., a Delaware corporation (the Company),
certain Company subsidiaries named therein, SunTrust Bank
(SunTrust), JPMorgan Chase Bank, N.A., KeyBank National
Association (KeyBank) and Regions Bank (Regions) entered into
that certain Amendment No.1 to the Amended and Restated Credit
Agreement (the Amendment), which amended the Companys existing
amended and restated credit agreement, dated as of September30,
2016, by and among the Company, KeyBank, Regions, and SunTrust
and the lenders from time to time party thereto (as amended, the
Amended and Restated Credit Agreement).
Notably, the Amendment provides for an incremental term loan of
an aggregate principal amount of $300.0million (the Incremental
Term Loan) as well as amendments to certain definitions and
affirmative and negative covenants in the Amended and Restated
Credit Agreement. The Incremental Term Loan matures on April3,
2021. Borrowings under the Incremental Term Loan are based on a
fluctuating rate of interest measured by reference to either, at
the Companys option, (i)a base rate, plus an applicable margin,
or (ii)the greater of the London Interbank Offered Rate (LIBOR)
or 0.75%, plus an applicable margin. The initial applicable
margin for all borrowings under the Incremental Loan is 2.75%per
annum with respect to base rate borrowings and 3.75%per annum
with respect to LIBOR borrowings.
NN used the proceeds of the Incremental Term Loan to repurchase,
in a privately negotiated transaction, $250.0million aggregate
principal amount of the Companys 10.25% Senior Notes due 2020
(the Senior Notes).
The foregoing summary is qualified in its entirety by reference
to the full text of the Amendment, which is included as
Exhibit10.1 hereto and incorporated herein by reference.
TERMINATION OF A MATERIAL DEFINITIVE
As a result of the private repurchase by the Company of all the
outstanding Senior Notes as described above, on April3, 2017, the
Company and U.S. Bank National Association, as trustee (the
Trustee), entered into a satisfaction and discharge (the
Satisfaction and Discharge) of the Indenture, dated as of
October19, 2015 (the Indenture), between the Company and the
Trustee.The Satisfaction and Discharge, among other things,
discharged the Indenture and the obligations of the Company and
the guarantors thereunder.Notwithstanding the Satisfaction and
Discharge, certain customary provisions of the Indenture,
including those relating to the compensation and indemnification
of the Trustee, will survive.
The foregoing description of the Satisfaction and Discharge is
qualified in its entirety by reference to the full text of the
Satisfaction and Discharge, which is filed as Exhibit10.2 hereto
and incorporated herein by reference.
CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN
OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A
The information set forth in Item1.01 of this Current Report on
Form 8-K above is incorporated herein by reference.
MATERIAL MODIFICATION TO THE RIGHTS OF SECURITY
The information set forth in Item1.02 of this Current Report on
Form 8-K above is incorporated herein by reference.
|ITEM7.01.||REGULATION FD DISCLOSURE.|
On April3, 2017, the Company issued a press release, a copy of
the press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
to the rules and regulations of the U.S. Securities and Exchange
Commission, the information furnished to Item7.01 of this Current
Report on Form 8-K, is deemed to have been furnished and shall
not be deemed to be filed for purposes of Section18 of the
Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities of that section. Such
information shall not be incorporated by reference into any
filing of the Company, whether made before or after the date
hereof, regardless of any general incorporation language in such
|ITEM9.01.||FINANCIAL STATEMENTS AND EXHIBITS.|
Amendment No.1 to Amended and Restated Credit Agreement,
dated as of April3, 2017, by and among NN, Inc., certain NN,
Inc. subsidiaries named therein, SunTrust Bank, JPMorgan
Chase Bank, N.A., KeyBank National Association and Regions
Satisfaction and Discharge of Indenture, dated April3, 2017,
between NN,Inc. and U.S. Bank National Association, as
|99.1||Press Release of NN, Inc. dated April3, 2017.|
About NN, INC. (NASDAQ:NNBR)
NN, Inc. is a diversified industrial company. The Company operates through three segments: the Precision Bearing Components Group, the Precision Engineered Products Group and the Autocam Precision Components Group. Within its Precision Bearing Components Group, the Company manufactures and supplies high precision bearing components, consisting of balls, cylindrical rollers, tapered rollers, spherical rollers and metal retainers for bearing and constant velocity-joint manufacturers. Within its Precision Engineered Products Group, the Company designs and manufactures a range of high-precision metal and plastic components, assemblies and finished devices for the medical, electrical, automotive and aerospace end markets. Within its Autocam Precision Components Group, the Company manufactures highly engineered precision metal components and subassemblies for the automotive, heating, ventilating and air conditioning, fluid power and diesel engine end markets. NN, INC. (NASDAQ:NNBR) Recent Trading Information
NN, INC. (NASDAQ:NNBR) closed its last trading session up +0.17 at 25.38 with 242,751 shares trading hands.