Kenan Advantage to launch roughly $1 billion credit facility on Monday

By Sara Rosenberg

New York, July 8 – Kenan Advantage Group Inc. scheduled a bank meeting for 2 p.m. ET on Monday to launch its proposed $1,025,000,000 senior secured credit facility, according to a market source.

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

The facility is expected to include a $125 million revolver, a $750 million term loan and a $150 million delayed-draw term loan.

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.

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.

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