CHARLOTTE, N.C., Sept. 18, 2018 /PRNewswire/ -- NN, Inc., (Nasdaq:
NNBR) ("NN" or "the Company") a diversified industrial company,
today announced the closing of its previously disclosed public
offering of common stock. The total number of shares of common
stock sold was 14,375,000, composed of 12,500,000 shares of common
stock initially offered and an additional 1,875,000 shares of
common stock sold pursuant to the exercise of the underwriters'
option to purchase additional shares, in each case at the public
offering price of $16.00 per share.
The net proceeds to NN from the offering, after deducting
underwriting discounts and commissions and estimated offering
expenses, are approximately $216,925,000. The Company used the net proceeds
from the offering to voluntarily repay, in full, the $200,000,000 second lien secured credit facility
incurred in connection with its acquisition of Paragon Medical,
Inc. The remaining proceeds of the offering will be used for
general corporate purposes.
"The recent public offering of our common stock has strengthened
our balance sheet by significantly reducing our leverage
and corresponding annual interest expense by approximately
$21 million," said Richard Holder, NN's President and Chief
Executive Officer. "As a company, we continue to focus on
organic growth and operational excellence while further delevering
our balance sheet."
J.P. Morgan Securities LLC acted as sole active book-running
manager and as representative of the underwriters for the offering.
Robert W. Baird & Co. Incorporated, KeyBanc Capital Markets
Inc. and SunTrust Robinson Humphrey, Inc. acted as joint
book-running managers and Lake Street Capital Markets, LLC,
Stephens Inc., William Blair &
Company, L.L.C., CJS Securities, Inc. and Regions Securities LLC
acted as co-managers.
The shares were offered pursuant to an effective shelf
registration statement filed on Form S-3 (File No. 333-216737) with
the U.S. Securities and Exchange Commission (the "SEC"). The final
prospectus supplement for the offering, dated September 13, 2018, and the related base
prospectus, dated April 19, 2017, are
available on the SEC's website at www.sec.gov or by contacting J.P.
Morgan Securities LLC, Attention: Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood,
NY 11717, telephone: 1-866-803-9204 or e-mail
prospectus-eq_fi@jpmchase.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
NN, Inc., a 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. Headquartered in Charlotte,
North Carolina, NN has 51 facilities in North America, Western Europe, Eastern Europe, South America and China.
Except for specific historical information, many of the
matters discussed in this press release may express or imply
projections of revenues or expenditures, statements of plans and
objectives or future operations or statements of future economic
performance. These, and similar statements, are forward-looking
statements concerning matters that involve risks, uncertainties and
other factors which may cause the actual performance of NN, Inc.
and its subsidiaries to differ materially from those expressed or
implied by this discussion. All forward-looking information is
provided by the Company pursuant to the safe harbor established
under the Private Securities Litigation Reform Act of 1995 and
should be evaluated in the context of these factors.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "assumptions", "target",
"guidance", "outlook", "plans", "projection", "may", "will",
"would", "expect", "intend", "estimate", "anticipate", "believe",
"potential" or "continue" (or the negative or other derivatives of
each of these terms) or similar terminology. Factors which could
materially affect actual results include, but are not limited to:
general economic conditions and economic conditions in the
industrial sector, inventory levels, regulatory compliance costs
and the Company's ability to manage these
costs, start-up costs for new operations, debt reduction,
competitive influences, risks that current customers will commence
or increase captive production, risks of capacity underutilization,
quality issues, availability and price of raw materials, currency
and other risks associated with international trade, the Company's
dependence on certain major customers, and the successful
implementation of the global growth plan including development of
new products. Similarly, statements made herein and elsewhere
regarding pending and completed transactions are also
forward-looking statements, including statements relating to the
future performance and prospects of an acquired business, the
expected benefits of an acquisition on the Company's future
business and operations and the ability of the Company to
successfully integrate recently acquired businesses or the
possibility that the Company will be unable to execute on the
intended redeployment of proceeds from a divestiture, whether due
to a lack of favorable investment opportunities or
otherwise.
For additional information concerning such risk factors and
cautionary statements, please see the section titled "Risk Factors"
in the Company's periodic reports filed with the Securities and
Exchange Commission, including, but not limited to, the Company's
Annual Report on Form 10-K for the fiscal year ended
December 31, 2017, and our other filings with the
Securities and Exchange Commission including the final prospectus
supplement. The Company cautions readers not to place undue
reliance on any such forward-looking statements which speak only as
of the date made. Except as required by law, we
undertake no obligation to update or revise any forward-looking
statements we make in our press releases, whether as a result of
new information, future events or otherwise.
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SOURCE NN, Inc.