Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers K > Headlines for Kenan Advantage Group Inc. > News item |
Kenan Advantage increases delayed-draw term loan and revolver sizes
By Sara Rosenberg
New York, July 20 - Kenan Advantage Group upsized its delayed-draw term loan to $180 million from $150 million and upsized its revolver to $110 million from $100 million, according to sources.
The now $740 million credit facility (Ba3/BB-) also includes a $450 million term loan B, size unchanged.
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.
KeyBanc Capital Markets is the lead arranger, bookrunner and administrative agent on the deal.
The company's existing facility, which is essentially 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.
© 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.