JOHNSON CITY, Tenn.,
June 25, 2015 /PRNewswire/
-- NN, Inc. (NASDAQ: NNBR), a diversified industrial company,
announced today the pricing on June
25 of a follow-on offering of 6,600,000 shares of
common stock at a price of $24 per
share. Closing of the offering is expected to occur on
July 1, 2015, subject to customary
closing conditions. NN has granted the underwriters a 30-day
option to purchase up to an additional 990,000 shares of
common stock.
NN intends to use the net proceeds from the offering to repay
debt under its term loan and asset-backed revolving credit
facility, and the remainder of the net proceeds will be used for
other general corporate purposes, including to fund acquisitions
and investments, to finance capital expenditures, to repay or
refinance other borrowings and to provide working capital.
KeyBanc Capital Markets Inc. is acting as sole book-running
manager for the offering and William
Blair & Company, L.L.C., Stephens Inc., Stifel,
Nicholaus, & Company, Incorporated, Avondale Partners, LLC, CJS
Securities, Inc. and Regions Securities LLC are acting as
co-managers.
The shares are being offered pursuant to a shelf registration
statement on Form S-3 filed with the Securities Exchange Commission
on December 29, 2014 and declared
effective on February 23, 2015. A
preliminary prospectus supplement and accompanying prospectus
relating to the offering have been filed with the SEC. Copies
of the final prospectus supplement and accompanying prospectus
relating to the offering may be obtained, when available, from
KeyBanc Capital Markets Inc., Attention: Equity Syndicate, 127
Public Square, 4th Floor, Cleveland,
Ohio 44114 or by telephone at (800) 859-1783.
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 manufactures and
supplies high precision metal bearing components, industrial
plastic and rubber products and precision metal components to a
variety of markets on a global basis. Headquartered in
Johnson City, Tennessee, NN has 26
manufacturing plants 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 or completed
acquisitions are also forward-looking statements, including
statements relating to the anticipated closing date of an
acquisition, the Company's ability to obtain required regulatory
approvals or satisfy closing conditions, the costs of an
acquisition and the Company's source(s) of financing, 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.
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, 2014. 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/nn-inc-announces-pricing-of-follow-on-offering-of-common-stock-300105273.html
SOURCE NN, Inc.