S&P rates Kenan loans BB-

Standard & Poor's said it assigned a BB- corporate credit rating to Kenan Advantage Group Inc. and a BB- issue rating and 3 recovery rating to its $450 million senior secured facility.

The facility consists of a $75 million five-year revolving credit facility, a $250 million term loan due in 2016 and a $125 million delayed-draw term loan also due in 2016. The facility also has a $100 million accordion option.

The outlook is stable.

At the close of the transaction, lease-adjusted credit metrics were above average for the ratings, the agency said, with a debt-to-EBITDA ratio of 2.8x.

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