Kenan Advantage finalizes $100 million term loan B at 99.5 OID

By Sara Rosenberg

New York, May 13 – Kenan Advantage Group Inc. firmed the original issue discount on its fungible $100 million incremental term loan B due March 24, 2026 at 99.5, the tight end of the 99.25 to 99.5 talk, according to a market source.

Pricing on the incremental term loan is Libor plus 375 basis points with a 0.75% Libor floor.

Included in the incremental term loan is 101 soft call protection until Sept. 24.

Amortization on the loan is 1% per annum.

The incremental term loan has a springing maturity 91 days in advance of the company’s 7 7/8% senior notes due July 31, 2023.

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

Proceeds will be used for acquisitions and general corporate purposes.

The incremental term loan is fungible with the company’s existing $957.6 million term loan B.

Kenan Advantage is a North Canton, Ohio-based provider of liquid bulk transportation services to the fuels, chemicals, liquid foods and merchant gas markets.

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