NN Inc., an industrial manufacturing company, raised $216 million in a secondary offering that will be used to pay off some of its debt.

The company sold 14,375,000 shares at a price of $16 per share.

The offering was composed of 12.5 million shares of common stock initially offered and an additional 1.875 million shares sold pursuant to the exercise of the underwriters’ option to purchase additional shares.

The company used the net proceeds to repay the $200 million second lien secured credit facility incurred in connection with its acquisition of Paragon Medical Inc. The remaining proceeds 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 CEO.

NN entered into the agreement with PMG Intermediate Holding Corp., the parent company of Paragon, to acquire Paragon for $375 million in April.

NN was founded in 1980 by Dick Ennen. It originally began making balls and rollers for the oil and gas industry, but the recession drove the company into new markets. Now it manufactures high-precision metal and plastic components for a variety of markets on a global basis.

It has expanded worldwide with offices in locations such as Poland, China and Switzerland.

In 2013, Holder was appointed to president and CEO. He has more than 25 years of international experience across a diverse set of industries and disciplines.

J.P. Morgan Securities LLC acted as sole active book-running manager.

NN’s stock was up 10 cents to $15.85 on Thursday afternoon.