Kenan Advantage launches term loans at original issue discount of 99

By Sara Rosenberg

New York, June 21 - Kenan Advantage Group launched on Thursday morning its $450 million term loan B and $150 million delayed-draw term loan with an original issue discount of 99, according to a market source.

Pricing on the term loan B and delayed-draw term loan is Libor plus 325 basis points with a 1.25% Libor floor, in line with existing term loan pricing.

The company's $700 million credit facility also includes a $100 million revolver.

KeyBanc Capital Markets is the lead arranger, bookrunner and administrative agent on the deal.

The company's existing facility, which is essentially just being upsized through this transaction, consists of a $100 million revolver, a $370 million term loan B and a $125 million delayed-draw term loan.

With this new deal, the term loan will retain its existing tenor and the delayed-draw term loan will be renewed for an 18-month duration and retain its use or lose provision.

Kenan is a North Canton, Ohio-based logistics and liquid bulk transportation services provider to the fuels, chemical and food end-markets.

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