Kenan Advantage to launch $400 million of term loans on Tuesday

By Sara Rosenberg

New York, Aug. 9 – Kenan Advantage Group Inc. is scheduled to hold a lender call at 11 a.m. ET on Tuesday to launch $400 million of term loans, according to a market source.

The debt consists of a $100 million incremental first-lien term loan and a $300 million six-year second-lien term loan, the source said.

KeyBanc Capital Markets LLC is the left lead on the first-lien term loan, and Barclays is the left lead and administrative agent on the second-lien term loan.

Commitments are due at noon ET on Aug. 17, the source added.

Proceeds will be used to refinance the company’s existing senior notes due 2023.

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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