S&P rates Kenan Advantage loan BB-

Standard & Poor's said its BB- issue rating and 2 recovery rating on Kenan Advantage Group Inc.'s senior secured credit facilities remain unchanged after the company upsized its U.S. dollar-equivalent Canadian term loan to $135 million from $100 million.

At the same time, the agency assigned a BB- issue-level rating to Kenan Advantage's new $76 million tranche D term loan.

The company paid down its existing term loan B by $74.5 million to $314 million.

S&P said its rating conclusion reflects that the total amount of senior secured debt is unchanged, therefore, there has been no change in the recovery prospects for the senior secured lenders.

The B+ corporate credit rating and stable outlook also remain unchanged.

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