NN, Inc. Amends Term Loan and ABL Credit Agreements to Increase Debt Limits and Adjust Liquidity Covenants

NN INC

NN, Inc. entered into Amendment No. 4 to Term Loan Credit Agreement with Oaktree on August 29, 2024, requiring sale-leaseback proceeds to prepay outstanding principal.
The amendments raise allowable indebtedness for fixed asset acquisition from $20M to $40M, with a $26.95M cap on sale-leaseback transactions.
Both the TLCA and ABL amendments modify the Domestic Liquidity covenant, requiring minimum $10M liquidity and weekly cash flow projections when leverage exceeds 3.0x or liquidity ≤ $35M.
The amendments were executed on August 29, 2024 between NN, Inc., Oaktree Fund Administration (TLCA), and JPMorgan Chase (ABL).

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