Kenan Advantage talks $450 million facility at Libor plus 400 bps

By Sara Rosenberg

New York, June 30 - Kenan Advantage Group is talking its $450 million credit facility (Ba3) at Libor plus 400 basis points with a 1.75% Libor floor, according to a market source.

Tranching on the deal is comprised of a $75 million revolver, a $250 million term loan B and a $125 million delayed-draw term loan.

The revolver is being offered at a discount of 983/4, the term loan B is being offered at 99 and the delayed-draw term loan is being offered at 98, the source said.

KeyBanc Capital Markets is the lead arranger, bookrunner and administrative agent on the deal that was launched with a bank meeting on Tuesday but didn't see price talk emerge until Wednesday.

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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