Kenan Advantage talks $1.53 billion term B at SOFR plus 400-425 bps

By Sara Rosenberg

New York, Jan. 9 – Kenan Advantage Group Inc. launched on Tuesday its $1.525 billion five-year covenant-lite term loan B with price talk of SOFR plus 400 basis points to 425 bps with a 0% floor and an original issue discount of 99, according to a market source.

The term loan B has 101 soft call protection for six months and amortization of 1% per annum.

The company’s $1.725 billion of credit facilities also include a $200 million five-year revolver with a springing maturity 91 days in advance of the term loan B.

KeyBanc Capital Markets, Citizens, CIBC, ING, Barclays, MUFG, Regions, UBS Investment Bank and Fifth Third are the joint lead arrangers on the deal.

Commitments are due at 5 p.m. ET on Jan. 18, the source added.

Proceeds will be used to extend existing credit facilities from March 2026 and to pay related fees and expenses.

Kenan Advantage, owned by OMERS, 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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