Kenan Advantage talks $200 million six-year notes to yield 8¼%-8½%; pricing expected Friday

By Paul A. Harris

Portland, Ore., Dec. 6 - Kenan Advantage Group talked its $200 million offering of six-year senior notes (B3/B-) to yield 8¼% to 8½%, a market source said on Thursday.

The deal, which is being led by Goldman Sachs & Co., Bank of America Merrill Lynch and KeyBanc Capital Markets, is expected to price on Friday.

The notes come with two years of call protection.

Proceeds will be used to pay a $175 million dividend to sponsors Goldman Sachs Capital Partners and Centerbridge Partners and to partially repay term loan debt.

The prospective issuer is a North Canton, Ohio-based logistics and liquid bulk transportation services provider.

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