K&N Parent, Inc. -- Moody's assigns B3 CFR to K&N Parent, Inc.; outlook stable

New York, October 04, 2016 -- Moody's Investors Service ("Moody's") assigned a B3 Corporate Family Rating (CFR) and B3-PD Probability of Default Rating to K&N Parent, Inc. ("K&N"). In addition, Moody's assigned a B2 rating to the company's proposed $275 million first lien senior secured credit facility. This facility will include a $40 million 5-year revolver and a $235 million 7-year first lien term loan. Moody's also assigned a Caa2 rating to the anticipated $110 million second lien senior secured term loan. The proceeds from the credit facility and term loans along with new equity will be used to complete the approximate $610 million acquisition of K&N by Goldman Sachs Merchant Banking Division ("Goldman Sachs MBD") and the management team and to refinance existing debt. A stable rating outlook was assigned.

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