Kenan ups pricing on $375 million terms loans to Libor plus 450 bps

By Sara Rosenberg

New York, July 14 - Kenan Advantage Group increased pricing on its $250 million term loan B and $125 million delayed-draw term loan to Libor plus 450 basis points from Libor plus 400 bps, according to a market source.

In addition, the original issue discount on the term loan B was widened to 98 from 99, while the discount on the delayed-draw loan was left unchanged at 98, the source said.

As before, the two term loans include a 1.75% Libor floor.

Pricing on the company's $75 million revolver was left in line with initial talked at Libor plus 400 bps with a 1.75% Libor floor and an original issue discount of 983/4, the source added.

KeyBanc Capital Markets is the lead arranger, bookrunner and administrative agent on the $450 million credit facility (Ba3/BB-).

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.