Marathon Asset Management, an asset manager with over $23 billion in assets under management, announced the completion of a refinancing program for NN, a global diversified industrial company that engineers and manufactures high-precision components and assemblies.
Marathon’s tailored capital solution for NN offers a $128 million term loan facility with a 5-year maturity and the benefit of improved leverage and liquidity covenants to support NN’s transformation plan.
KEY QUOTES:
“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.”
- Harold Bevis, President and Chief Executive Officer of NN
“We are pleased to partner with the NN management team and provide a bespoke capital solution to the domestic leader in high precision component manufacturing for parts used in the automotive, power, medical, and industrial end markets, so that NN can continue to deliver reliable and exceptional product design to meet the demand of its customer base and deliver on their transformation plan. NN produces American-made components that meet exact design specifications and is perfectly positioned given the new market paradigm.”
- Randy Raisman, Marathon’s Head of U.S. Opportunistic Credit
“Thoughtful partnership with best-in-class companies and management teams, such as NN, is the cornerstone of Marathon’s Capital Solutions business. 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.”
- Louis Hanover, Marathon’s Chief Investment Officer
