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 capital solutions & private credit partners Leonard Klingbaum, Alyson Gal, Milap Patel, and Jonathan Gill, and tax and benefit partners Leo Arnaboldi, Danna Kivell and Pascal Mayer.
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