Kenan Advantage sees tranching emerge on roughly $1 billion facility

By Sara Rosenberg

New York, July 1 – Kenan Advantage Group Inc.’s proposed $1,025,000,000 senior secured credit facility is expected to include a $125 million revolver, a $750 million term loan and a $150 million delayed-draw term loan, according to a market source.

A bank meeting for the transaction is currently anticipated to occur sometime in the first half of this month, the source said.

KeyBanc Capital Markets LLC and Goldman Sachs Bank USA are the leads on the deal.

Proceeds will be used to help fund the buyout of the company by Omers Private Equity from Goldman Sachs Capital Partners and Centerbridge Partners.

Other funds for the transaction are expected to come from $405 million of bonds, the source added.

Closing is expected in the third quarter.

Kenan Advantage is a North Canton, Ohio-based provider of liquid bulk transportation services to the fuels, chemicals, liquid foods and merchant gas 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.