04:58 PM EST, 03/08/2024 (MT Newswires) -- NN (NNBR) said late Friday it signed an agreement to sell and lease back three facilities, for $16.8 million, which is expected to close on or around March 15.

Net proceeds from the deal will be used to repay part of the outstanding debt, the company said.

Also, the company cut its corporate headquarters' footprint by about two-thirds via a separate sublease deal, it said.

The company said it will continue to operate at the facilities, with no impact on its clients or employees.