S&P might drop Kenan Advantage

Standard & Poor's said it placed its ratings, including its B+ corporate credit rating, on Kenan Advantage Group Inc. on CreditWatch with negative implications.

The CreditWatch placement follows an announcement by Kenan Advantage that it completed the acquisition of RTL-Westcan Group. Kenan Advantage acquired the company for $209 million.

The company financed the transaction using $111 million of its delayed-draw term loan and $100 million in proceeds from an incremental term loan.

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