Kenan Advantage seeking $235 million credit facility

By Sara Rosenberg

New York, Dec. 1 - Kenan Advantage Group Inc. is in-market with a new $235 million credit facility, according to a market source.

CIBC and Credit Suisse First Boston are the lead banks on the deal.

The facility consists of a $75 million five-year revolving credit facility and a $160 million six-year term loan, with both tranches talked at Libor plus 300 basis points, the source said.

A bank meeting to launch the deal into syndication was held on Tuesday.

Proceeds will be used to finance a leveraged buyout.

Kenan Advantage is a Canton, Ohio, bulk transportation and logistics provider to the petroleum industry.

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