Kenan Advantage talks $1 billion term loan B at Libor plus 375 bps

By Sara Rosenberg

New York, March 3 – Kenan Advantage Group Inc. launched on Wednesday its $1 billion five-year covenant-lite term loan B with price talk of Libor plus 375 basis points with a 0.75% Libor floor and an original issue discount of 99.5, according to a market source.

The company’s $1.15 billion of credit facilities (B2/B) also include a $150 million revolver.

KeyBanc Capital Markets LLC is the left lead on the deal.

Commitments are due at noon ET on March 12, the source added.

Proceeds will be used to refinance existing credit facilities, including a term loan due 2022.

Kenan Advantage is a North Canton, Ohio-based tank truck transporter and logistics provider.

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