Moody's assigns Kenan loan Caa2

Moody's Investors Service said it gave Kenan Advantage Group, Inc.’s new $300 million senior secured second-lien term loan a Caa2 rating.

Concurrently, the agency affirmed Kenan’s ratings, including the B3 corporate family rating, the B3-PD probability of default rating, the revolving credit facility and the upsized senior secured first-lien term loan, including $100 million incremental at B2.

The loan proceeds will be used to refinance Kenan's $405 million of senior notes due 2023.

The Caa2 rating on the senior notes is unchanged and will be withdrawn upon the transaction’s close.

The outlook remains stable.

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