King & Spalding LLP represented a steering committee comprised of first lien term loan lenders (the “Steering Committee”) of APC Automatic Technologies Holdings, LLC (“APC”) in connection with the recapitalization of APC. The recapitalization transaction consisted of an amendment to the first lien credit agreement, which provided a new money first out tranche in the amount of $40,000,000 funded by APC’s private equity sponsor and certain existing term loan lenders, as well as a complete equitization of APC’s $125,000,000 of second lien debt.