Kenan Advantage carves out Canadian tranche from $1 billion term B

By Sara Rosenberg

New York, March 18 – Kenan Advantage Group Inc. carved a $40 million equivalent Canadian tranche out of its $1 billion five-year covenant-lite term loan B, leaving the remaining $960 million in U.S. dollars, according to a market source.

Pricing on all of the term loan debt remained at Libor plus 375 basis points with a 0.75% Libor floor and an original issue discount of 99.5.

The term loan debt has 101 soft call protection for six months.

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.

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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