NN, Inc. Enters into New Interest Rate Swap, Lowering Rate and Moving to Fixed Rate Debt
February 11, 2019 at 09:01 pm
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NN, Inc. announced that the Company has entered into a new interest rate swap transaction that will provide a fixed rate on $700 million of its senior secured debt through the end of 2020 and will amortize down through October of 2022. The transaction will also reduce NN's interest rate by six basis points on $700 million of its outstanding debt.
NN, Inc. is a diversified industrial company. The Company combines advanced engineering and production capabilities with materials science expertise to design and manufacture high-precision components and assemblies. The Company operates through two segments: Mobile Solutions and Power Solutions. Mobile Solutions segment manufactures components for use in power steering, braking, transmissions, and gasoline fuel system applications, along with components utilized in heating, ventilation and air conditioning and diesel injection and diesel emissions treatment applications. The segmentâs technical capabilities can be utilized in various applications, including for use in battery electric, hybrid electric, and internal combustion engine vehicles. Power Solutions segment manufactures a range of products, including electrical contacts, connectors, contact assemblies, and precision stampings for the electrical end market and high precision products for the aerospace and defense end market.
NN, INC. 
