Marathon Asset Management Provides $128 Million Commitment to NN, Inc.
NN Inc (NASDAQ: NNBR) has successfully completed a refinancing program with Marathon Asset Management, securing a $128 million term loan facility with a 5-year maturity. The deal includes improved leverage and liquidity covenants to support NN's transformation plan.
This refinancing follows NN's ABL refinancing in January, marking a significant milestone for the company. NN, a global diversified industrial company specializing in high-precision components and assemblies, will utilize this capital solution to advance its growth and improvement initiatives.
Marathon Asset Management, which manages over $23 billion in assets, structured this bespoke financing solution for NN, recognizing the company's position as a domestic leader in high precision component manufacturing for automotive, power, medical, and industrial markets.
NN Inc (NASDAQ: NNBR) ha completato con successo un programma di rifinanziamento con Marathon Asset Management, assicurandosi una linea di credito a termine da 128 milioni di dollari con scadenza a 5 anni. L'accordo prevede covenant migliorati su leva finanziaria e liquidità per supportare il piano di trasformazione di NN.
Questo rifinanziamento segue quello dell'ABL di NN a gennaio, rappresentando una tappa importante per l'azienda. NN, una società industriale globale e diversificata specializzata in componenti e assemblaggi di alta precisione, utilizzerà questa soluzione finanziaria per sostenere le iniziative di crescita e miglioramento.
Marathon Asset Management, che gestisce oltre 23 miliardi di dollari in asset, ha strutturato questa soluzione di finanziamento su misura per NN, riconoscendo la posizione dell'azienda come leader nazionale nella produzione di componenti di alta precisione per i settori automobilistico, energetico, medico e industriale.
NN Inc (NASDAQ: NNBR) ha completado con éxito un programa de refinanciamiento con Marathon Asset Management, asegurando una línea de préstamo a plazo de 128 millones de dólares con vencimiento a 5 años. El acuerdo incluye cláusulas mejoradas de apalancamiento y liquidez para apoyar el plan de transformación de NN.
Este refinanciamiento sigue al refinanciamiento ABL de NN en enero, marcando un hito significativo para la compañía. NN, una empresa industrial global diversificada especializada en componentes y ensamblajes de alta precisión, utilizará esta solución de capital para impulsar sus iniciativas de crecimiento y mejora.
Marathon Asset Management, que gestiona más de 23 mil millones de dólares en activos, estructuró esta solución financiera a medida para NN, reconociendo la posición de la compañía como líder nacional en la fabricación de componentes de alta precisión para los mercados automotriz, energético, médico e industrial.
NN Inc (NASDAQ: NNBR)는 Marathon Asset Management와의 리파이낸싱 프로그램을 성공적으로 완료하여 5년 만기 1억 2800만 달러의 기간 대출 시설을 확보했습니다. 이번 거래에는 NN의 전환 계획을 지원하기 위한 향상된 레버리지 및 유동성 계약 조건이 포함되어 있습니다.
이번 리파이낸싱은 1월 NN의 ABL 리파이낸싱에 이은 것으로, 회사에 중요한 이정표가 됩니다. 고정밀 부품 및 조립품을 전문으로 하는 글로벌 다각화 산업 회사인 NN은 이 자본 솔루션을 통해 성장 및 개선 이니셔티브를 추진할 예정입니다.
230억 달러 이상의 자산을 운용하는 Marathon Asset Management는 자동차, 에너지, 의료 및 산업 시장을 위한 고정밀 부품 제조 분야에서 국내 선도 기업인 NN의 위치를 인정하여 맞춤형 금융 솔루션을 설계했습니다.
NN Inc (NASDAQ : NNBR) a réussi à finaliser un programme de refinancement avec Marathon Asset Management, obtenant une facilité de prêt à terme de 128 millions de dollars sur 5 ans. L’accord inclut des engagements améliorés en matière de levier financier et de liquidité pour soutenir le plan de transformation de NN.
Ce refinancement fait suite au refinancement ABL de NN en janvier, marquant une étape importante pour la société. NN, une entreprise industrielle mondiale diversifiée spécialisée dans les composants et assemblages de haute précision, utilisera cette solution de financement pour faire avancer ses initiatives de croissance et d’amélioration.
Marathon Asset Management, qui gère plus de 23 milliards de dollars d’actifs, a structuré cette solution de financement sur mesure pour NN, reconnaissant la position de l’entreprise en tant que leader national dans la fabrication de composants de haute précision pour les marchés automobile, énergétique, médical et industriel.
NN Inc (NASDAQ: NNBR) hat erfolgreich ein Refinanzierungsprogramm mit Marathon Asset Management abgeschlossen und sich eine 128 Millionen US-Dollar Terminkreditfazilität mit einer Laufzeit von 5 Jahren gesichert. Der Deal beinhaltet verbesserte Verschuldungs- und Liquiditätsklauseln zur Unterstützung des Transformationsplans von NN.
Diese Refinanzierung folgt auf die ABL-Refinanzierung von NN im Januar und markiert einen bedeutenden Meilenstein für das Unternehmen. NN, ein global diversifiziertes Industrieunternehmen, das sich auf hochpräzise Komponenten und Baugruppen spezialisiert hat, wird diese Kapitallösung nutzen, um Wachstums- und Verbesserungsinitiativen voranzutreiben.
Marathon Asset Management, das über 23 Milliarden US-Dollar an Vermögenswerten verwaltet, hat diese maßgeschneiderte Finanzierungslösung für NN strukturiert und erkennt die Position des Unternehmens als nationaler Marktführer in der Herstellung hochpräziser Komponenten für die Automobil-, Energie-, Medizin- und Industriewirtschaft an.
- Secured $128 million term loan facility with 5-year maturity
- Improved leverage and liquidity covenants
- Successful completion of two-step refinancing program (ABL and Term Loan)
- Enhanced operational features for growth acceleration
- None.
Insights
Marathon's $128M term loan gives NN breathing room with improved covenants and 5-year maturity, significantly enhancing financial flexibility despite high leverage.
This $128 million refinancing represents a crucial financial milestone for NN, Inc., especially considering the company's market capitalization is only
The improved leverage and liquidity covenants are particularly significant. For a small-cap industrial company, restrictive covenants can severely limit operational flexibility and investment capacity. These enhanced terms likely remove constraints that were hampering management's ability to implement strategic initiatives.
This refinancing follows the earlier ABL facility renewal in January, completing what appears to be a comprehensive debt restructuring program. The sequential approach demonstrates methodical financial management, addressing both working capital needs (ABL) and longer-term capital structure (term loan).
Marathon's willingness to provide financing that exceeds NN's entire market capitalization signals strong institutional confidence in the company's turnaround potential. As a sophisticated credit investor with
The transformation story at NN is now significantly more credible with this refinancing secured. For precision manufacturing companies, operational improvements often require capital investment in advanced machinery, automation, and quality systems. The "improved operational features" referenced in the announcement likely translate to greater financial flexibility to fund these critical investments.
NN's position as a domestic leader in high-precision component manufacturing is strategically valuable in today's reshoring environment. The company serves critical end markets - automotive, power, medical and industrial - all of which are experiencing supply chain reconfiguration with preference for American-made components.
CEO Harold Bevis's reference to "aggressive value advancement" suggests the company has identified specific operational improvement initiatives that were previously constrained by their capital structure. Manufacturing transformation typically involves lean implementation, automation upgrades, and production rationalization - all requiring investment flexibility that restrictive debt covenants can impede.
For a precision manufacturer, stability in the capital structure provides ancillary benefits beyond financial flexibility. It reassures customers making long-term sourcing decisions, particularly in medical and automotive applications where component qualification processes are lengthy and switching costs are high. The 5-year horizon aligns well with typical product lifecycles in these industries, potentially positioning NN to secure additional long-term supply agreements.
Marathon provides a capital solution to support the NN management team’s transformation plan
Marathon’s tailored capital solution for NN provides a
Harold Bevis, President and Chief Executive Officer of NN said, “We are pleased to announce the successful completion of our two-step ABL and Term Loan refinancing program. We are announcing a new term loan partner – Marathon Asset Management – and a new 5-year term loan. This is an important milestone and allows us to continue the aggressive value advancement of NN. The new term loan has multiple improved operational features that will enable us to improve and grow faster. This transaction, combined with the successful refinancing of our ABL in January, sets the stage for the next chapter of NN.”
Randy Raisman, Marathon’s Head of
“Thoughtful partnership with best-in-class companies and management teams, such as NN, is the cornerstone of Marathon’s Capital Solutions business,” said Louis Hanover, Marathon’s Chief Investment Officer. “Marathon is a distinguished leader with a flexible investment platform designed to solve complexity and provide creative capital to businesses worldwide, supporting long-term value creation across a wide variety of strategic purposes including growth capital, acquisition financing, and recapitalizations.”
About NN, Inc.
NN, Inc., a global diversified industrial company, combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis, For more information about the company and its products, please visit www.nninc.com.
About Marathon Asset Management
Marathon Asset Management, L.P. is a leading global asset manager, specializing in public and private credit markets with over
View source version on businesswire.com: https://www.businesswire.com/news/home/20250417239754/en/
Marathon Media
Prosek Partners
Aidan O’Connor
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646-818-9283
Source: Marathon Asset Management, L.P.
FAQ
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