By Lisa Kerner
Charlotte, N.C., Dec. 20 - NN, Inc. borrowed an additional $20 million from Prudential Capital in the form of seven-year notes with a fixed rate of 4.64%.
The notes mature on Dec. 20, 2018 and are interest-only for the first two years followed by four equal annual principal payments, according to a company news release.
Proceeds will be used to repay existing revolving credit bank debt and to fund growth capital projects.
In addition, Prudential agreed to reduce the rate on NN's existing $17.1 million of fixed-rate notes due 2014 to 5.39% from 6.5%.
Currently, Prudential holds a total of $37.1 million of fixed-rate notes issued by NN.
NN also has $50 million outstanding under a $100 million revolving credit agreement with a syndicated bank group that includes Keybank, BB&T, Regionsbank and Wells Fargo. The revolver expires in April 2014.
NN is a Johnson City, Tenn.-based manufacturer and supplier of high precision metal bearing components, industrial plastic and rubber products and precision metal components.
| Issuer: | NN, Inc.
|
| Issue: | Notes
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| Amount: | $20 million
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| Maturity: | Dec. 20, 2018
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| Coupon: | 4.64%
|
| Investor: | Prudential Capital
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