NN Amends Its $150M Term Loan

March 4, 2022 12:41 PM | 1 min read |

NN Inc NNBR amended its 5.5-year $150 million term loan with funds managed by Oaktree Capital Management, L.P.
The amendment increases the quarterly maximum leverage ratio in a range of 0.25x to 0.75x for all quarters of 2022 and 2023. There is no change to the interest rate.
"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," commented CEO Warren Veltman.
Price Action: NNBR shares are trading lower by 1.20% at $2.46 on the last check Friday.

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