Ropes & Gray is advising an ad hoc group of first lien lenders to K&N Engineering. K&N Engineering entered into a Restructuring Support Agreement ("RSA") with 100% of its first lien lenders, second lien lenders and equity holders pursuant to which K&N's will reduce its debt by approximately $250 million and participating first lien lenders will invest $60 million of new money into the business. K&N expects to close the transaction in the first quarter of 2023. The agreement was announced in a press release on January 3.
Headquartered in Riverside, California, K&N Engineering is a manufacturer of air filters, cold air intake systems, oil filters, performance parts, and other related vehicle applications.
The Ropes & Gray team was led by business restructuring partners Ryan Preston Dahl and Matthew Roose and included finance partners Leonard Klingbaum, Alyson Gal and Milap Patel, and tax and benefit partners Leo Arnaboldi, Danna Kivell and Pascal Mayer.
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