Ropes & Gray advised an ad hoc group of first lien lenders to K&N Engineering, Inc. On February 16, K&N announced the closing of a recapitalization transaction that reduced its debt by approximately $250 million and participating first lien lenders invested $60 million of new money into the business. K&N previously entered into a Restructuring Support Agreement with 100% of its first lien lenders, second lien lenders and equity holders. As a result of the transaction, first lien lenders control a majority of the equity of K&N.
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 included finance partners Alyson Gal and Milap Patel, associate Lisa Chan, tax partner Leo Arnaboldi, and employment & benefits partner Danna Kivell.
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