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<SEC-DOCUMENT>0001005794-10-000156.txt : 20101028
<SEC-HEADER>0001005794-10-000156.hdr.sgml : 20101028
<ACCEPTANCE-DATETIME>20100826134333
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001005794-10-000156
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20100826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NN INC
		CENTRAL INDEX KEY:			0000918541
		STANDARD INDUSTRIAL CLASSIFICATION:	BALL & ROLLER BEARINGS [3562]
		IRS NUMBER:				621096725
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2000 WATERS EDGE DR
		CITY:			JOHNSON CITY
		STATE:			TN
		ZIP:			37604
		BUSINESS PHONE:		4237439151

	MAIL ADDRESS:	
		STREET 1:		2000 WATERS EDGE DR
		CITY:			JOHNSON CITY
		STATE:			TN
		ZIP:			37604

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NN BALL & ROLLER INC
		DATE OF NAME CHANGE:	19940203
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman"><img src="nnlogo.jpg" alt="NN LOGO">&#160;&#160;&#160;&#160; &#160;<font size="3" style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman"><font style="FONT-WEIGHT: bold">NN, Inc</font>.</font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman"><font size="3" style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-FAMILY: Times New Roman"><font size="3" style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;</font>&#160;&#160; <font style="TEXT-DECORATION: underline">Corporate Office</font></font><font style="TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#16
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman"><font size="3" style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2000 Waters Edge Drive &#8226; Building C, Suite 12 &#8226; Johnson City, TN 37604</font></font></font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman"><font size="3" style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">423-743-9151 &#8226; fax 423-743-2670</font></font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font>&#160;August 26, 2010</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr. Terence O&#8217;Brien</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accounting Branch Chief</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">United States Securities and Exchange Commission</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Division of Corporation Finance</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">100 F Street, N.E.</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington, D.C.&#160;&#160;20549-4631</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form 10-K for the Fiscal Year Ended December 31, 2009</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Filed March 31, 2010</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dear Mr. O&#8217;Brien</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On behalf of NN, Inc. (the &#8220;Company&#8221;, the &#8220;Registrant&#8221;, &#8220;we&#8221; or &#8220;our&#8221;), this letter is intended to respond to the comments received from the Staff of the Securities and Exchange Commission by letter dated August 6, 2010, to Mr. James H. Dorton, with respect to the above-referenced filings of the Registrant.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The following discussion is intended to respond to Staff comments made in the August 6, 2010 letter (the &#8220;Letter&#8221;).&#160;&#160;The following paragraphs of this letter are numbered to correspond to the numbers of the comments contained in the Letter.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Liquidity and Capital Resources, page 32</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Comment 1.</font>&#160;&#160;You state on page 32 amounts outstanding under the $90 million credit facility and the $40 million senior notes as of December 31, 2009 were $58.4 million and $28.6 million, respectively.&#160;&#160;However, you do not disclose the amounts available for borrowings after taking into consideration swing loans and letters of credit.&#160;&#160;Please tell us and disclose in future filings, your exposure under swing loans and letters of credit and your availability under your credit agreements at the most recent balance sheet date.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Response 1.&#160;&#160;</font>The $90 million credit facility includes a sublimit of $10 million for swing line loans.&#160;&#160;Use of the swing line sublimit counts against usage of the main facility.&#160;&#160;Included within the $58.4 million outstanding at December 31, 2009, was $3.7 million in swing line loans.&#160;&#160;We also have letters of credit totaling $0.7 million that would offset a portion of our availability as of December 31, 2009.&#160;&#160;Thus at December 31, 2010, subject to limitations based on existing financial covenants, we could have borrowed up to $30.9 million under our $90 million credit facility including borrowing up to $6.3 million of swing line borrowings.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In the Quarterly Report on Form 10-Q for the second quarter of 2010 filed on August 11, 2010, we have added the following information to the Liquidity and Capital Resources section of the Management&#8216;s Discussion and Analysis to clarify our credit availability further:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Amounts outstanding under our $85.0 million credit facility and our $40.0 million senior notes as of June 30, 2010 were $65.0 million, including $2.5 million under our swing line of credit, and $22.9 million, respectively.&#160;&#160;As of June 30, 2010, we can borrow up to $19.3 million under the $85 million credit facility, including $7.5 million under our swing line of credit, subject to limitations based on existing financial covenants.&#160;&#160;However, based on current forecasts we do not expect any limitations on the access to this available credit.&#160;&#160;The $19.3 million is net of $0.7 million of outstanding letters of credit at June 30, 2010 which are considered as usage of the facility.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Comment 2</font>.&#160;&#160;You state on page 35 your belief that funds generated from operations and borrowings will be sufficient to finance your working capital needs and projected capital expenditure requirements through the next twelve months.&#160;&#160;We note that your cash and cash equivalents at December 31, 2009 was $8.7 million, the decreasing trend in operating cash flows and the limited amounts available on the revolving credit facility and senior notes.&#160;&#160;Based on the above sources of liquidity and your contractual obligations listed on page 36, it is not clear to us whether you will have the resources needed to fulfill all expected liquidity obligations in 2010.&#160;&#160;Please revise MD&amp;A, in future filings, to quantify the expected 2010 liquidity impact 
of expected inflows and outflows.&#160;&#160;It appears that a tabular presentation of expected sources and uses of cash is needed for readers to fully understand your expected 2010 liquidity requirements and whether there are available resources to satisfy these obligations.&#160;&#160;See section 501.13.b of the Financial Reporting Codification.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Response 2.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The assertion that we believed<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>funds generated from operations and borrowings will be sufficient to finance our working capital needs and projected capital expenditure requirements through the next twelve months was based on 2010 cash flow projections which were prepared by management, approved by the board of directors and presented to our lenders prior to filing.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At the time of filing the Annual Report on Form 10-K, we had estimated our operating cash flow for 2010 would be $5.5 million and we would reduce existing cash levels by $1.7 million.&#160;&#160;Additionally, we estimated we would have to borrow $15.7 million from our $85 million credit facility during 2010 to fund our capital expansion program and make our annual principal payment on our senior notes of $5.7 million.&#160;&#160;At the time of filing our Annual Report on Form 10-K, we had availability within existing covenant levels to borrow $17.5 million under our $85 million credit facility and estimated we would have availability of $27.7 million during the course of 2010.&#160;&#160;Finally, our lending group was aware of our capital expansion plans and was in agreement with lending the funds needed to carry out such expansion pla
ns.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial performance in 2010 has been much stronger than expected.&#160;&#160;During the year, we have actually generated $5.0 million of operating cash flow through July 2010 and expect to generate between $10 to $15 million of operating cash flow for the full year of 2010.&#160;&#160;As such, we do not expect to borrow to fund our capital expansion and in fact expect to reduce total debt by approximately $5.0 million.&#160;&#160;Nevertheless, had financial performance merely matched the forecasts, we would have had sufficient liquidity to meet all obligations and to fund the expansion plans.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A further clarification of our contractual obligations may be helpful in further understanding the basis for our assertion.&#160;&#160;Most of these obligations are of a normal recurring nature and are normally funded through cash flow from operations.&#160;&#160;For example, the &#8220;Other long-term obligations&#8221; are for purchases of up to 70% of the steel for our European operations granted to a vendor at current market prices.&#160;&#160;This is steel we normally purchase to make our products for resale.&#160;&#160;We are not obligated to purchase a certain dollar amount or at a set amount per kilogram.&#160;&#160;If the vendor does not meet agreed contractual targets as to quality and service, we can reduce the percentage granted to that vendor.&#160;&#160;&#160;This obligation is funded from operations and is already includ
ed in the $5.0 and $10-$15 million of operating cash flows mentioned above.&#160;&#160;The same statement is true for our expected interest payments and lease payments.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; Chief Finan
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