NN enters $16.8M sale-leaseback of three facilities, repays term loan

NN INC

Sale-leaseback of three facilities for aggregate $16.8M; expected to close March 15, 2024.
Net proceeds will repay outstanding term loan balance, lowering ongoing cash interest costs.
Company also reduced corporate HQ footprint by ~2/3 via separate sublease to lower operating costs.
No impact to EBITDA, employees, or customers; NN will continue operations at the facilities.
CFO Mike Felcher says transaction is part of a multi-step 2024 balance sheet optimization plan.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NN INC entered into Purchase and Sale and Escrow Agreement with Tenet Equity Funding SPE III, LLC valued at $16.8 million (effective 2024-03-05).

Action: entry
Agreement: lease
Counterparty: Tenet Equity Funding SPE III, LLC
Value: $16.8 million
Effective: 2024-03-05

Exact text from the filing

On March 5, 2024, NN, Inc., a Delaware corporation (the "Company"), entered into that certain Purchase and Sale and Escrow Agreement (the “Agreement”) with Tenet Equity Funding SPE III, LLC, a Delaware limited liability company (the “Buyer”), to sell and leaseback (the “Sale Leaseback Transactions”) those certain facilities identified in the Agreement (the “Properties”), which are currently owned by subsidiaries of the Company. The aggregate purchase price for the Properties is $16.8 million

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Source: SEC EDGAR

accession 0000918541-24-000012

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