Kenan Advantage seeks to lower credit facility pricing by 75 bps

By Sara Rosenberg

New York, May 20 - Kenan Advantage Group is looking to complete a repricing amendment that would take down the spread on its term loan B, delayed-draw term loan and revolver by 75 basis points, according to a market source.

Pricing on the $375 million B loan and $125 million delayed-draw term loan would drop to Libor plus 325 bps from Libor plus 400 bps, and pricing on the $100 million revolver would drop to Libor plus 300 bps from Libor plus 375 bps, the source said.

In addition, the company is looking to lower the Libor floor on all tranches to 1.25% from 1.5%, the source continued.

As part of the repricing amendment, 101 soft call protection for one year would be added to term loan borrowings.

Revolver and delayed-draw term loan lenders are being offered a 12.5 bps fee.

KeyBanc Capital Markets is the lead bank on the amendment that was launched with a call this past Wednesday.

Consents are due on Thursday.

Kenan Advantage is a North Canton, Ohio-based logistics and liquid bulk transportation services provider.

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