NN (NNBR) said late Wednesday that it completed its two-step debt refinancing initiative and expects the new capital structure will allow the company to "aggressively move forward with our transformation plan."
The refinancing package combines an asset-backed loan with a new term loan, offering improved terms and expanded borrowing capacities.
The $65 million ABL extends through 2030 with "improved" collateral and borrowing terms. The $118 million term loan, which is also set to mature in 2030, offers "improved" leverage and liquidity covenants.
The primary goals of the transformation plans are to systematically lower costs and pursue "chunky" mergers and acquisitions.
"We continue to evaluate additional opportunities to improve our balance sheet and further optimize our capital base," said Harold Bevis, chief executive officer of NN.
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