NN, Inc. Enters Material Definitive Agreement

Ticker: NNBR · Form: 8-K · Filed: 2024-03-08T00:00:00.000Z

Sentiment: neutral

Topics: material-definitive-agreement, financial-obligation

TL;DR

NN, Inc. signed a big deal on March 5th, creating new financial obligations.

AI Summary

On March 5, 2024, NN, Inc. entered into a material definitive agreement and created a direct financial obligation. The company, formerly known as NN Ball & Roller Inc., is incorporated in Delaware and headquartered in Charlotte, North Carolina.

Why It Matters

This filing indicates NN, Inc. has entered into a significant agreement that could impact its financial obligations and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and creating financial obligations can introduce new risks related to performance, financing, and market conditions.

Key Numbers

Key Players & Entities

FAQ

What type of material definitive agreement did NN, Inc. enter into?

The filing does not specify the exact nature of the material definitive agreement, only that one was entered into on March 5, 2024.

What is the direct financial obligation created by NN, Inc.?

The filing states that a direct financial obligation was created, but does not provide specific details about its nature or amount.

When was NN, Inc. formerly known as NN Ball & Roller Inc.?

The date of the name change from NN Ball & Roller Inc. to NN, Inc. was February 3, 1994.

Where is NN, Inc.'s principal executive office located?

NN, Inc.'s principal executive offices are located at 6210 Ardrey Kell Road, Suite 120, Charlotte, North Carolina 28277.

What is the SIC code for NN, Inc.?

The Standard Industrial Classification (SIC) code for NN, Inc. is 3540, which corresponds to METALWORKING MACHINERY & EQUIPMENT.

Filing Stats: 785 words · 3 min read · ~3 pages · Grade level 10.6 · Accepted 2024-03-08 16:35:00

Key Financial Figures

Filing Documents

01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT 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, the net proceeds from which will be used to repay a portion of the outstanding borrowings under the Company's credit facilities. The sale is expected to close on or around March 15, 2024, with the Buyer's obligation to close subject to inspection, due diligence and other customary closing conditions. The Company plans to continue operations at the Properties uninterrupted and, as a condition to closing of the transaction, the Company will enter into one or more long-term lease agreements with the Buyer for each of the Properties with an anticipated initial term of 20 years. The foregoing summary of the Agreement is qualified in its entirety by reference to the full text of the Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT The information set forth in Item 1.01 of this Current Report on Form 8-K above is incorporated herein by reference.

01 REGULATION FD DISCLOSURE

ITEM 7.01 REGULATION FD DISCLOSURE On March 8, 2024, the Company issued a press release announcing the Sale Lease Back Transactions. A copy of this press release is included as Exhibit 99.1 to this Current Report on Form 8-K. The information, including the press release, furnished under this Item 7.01 shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any other filing by the Company under the Exchange Act or the Securities Act, except as otherwise expressly stated in such filing.

01 FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits. Exhibit No. Description of Exhibit 10.1 Purchase and Sale Agreement and Escrow Agreement, dated March 5, 2024, by and between NN, Inc. and Tenet Equity Funding SPE III, LLC. 99.1 Press Release issued by NN, Inc., dated March 8, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: March 8, 2024 NN, INC. By: /s/ Michael C. Felcher Name: Michael C. Felcher Title: Senior Vice President and Chief Financial Officer

View on Read The Filing