Kenan Advantage to launch $450 million credit facility on Tuesday

By Sara Rosenberg

New York, June 23 - Kenan Advantage Group is scheduled to hold a bank meeting on Tuesday to launch its proposed $450 million credit facility, according to a market source.

KeyBanc Capital Markets is the lead arranger, bookrunner and administrative agent on the deal.

The facility consists of a $75 million revolver, a $250 million term loan B and a $125 million delayed-draw term loan, with price talk not yet available, the source said.

Proceeds will be used to help fund the buyout of the company by Goldman Sachs from Littlejohn & Co. and to refinance existing debt.

Kenan Advantage is a North Canton, Ohio-based logistics and liquid bulk transportation services provider to the fuels, chemical and food end-markets.

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