Kenan Advantage term loan frees to trade; Blackhawk Network, Arcis Golf guidance surfaces

By Sara Rosenberg

New York, May 2 – Kenan Advantage Group Inc.’s incremental first-lien term loan made its way into the secondary market on Tuesday, with levels quoted above its original issue discount.

Kenan’s non-fungible $300 million incremental covenant-lite first-lien term loan (B2/B) due March 24, 2026 freed to trade on Tuesday morning, with levels quoted at 99½ bid, par offered, a market source remarked.

Pricing on the incremental term loan is SOFR+CSA plus 400 basis points with a 0.75% floor and it was sold at an original issue discount of 99. CSA is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate. The debt has 101 soft call protection for six months and amortization of 1% per annum.

And, in the primary market, Blackhawk Network Holdings Inc. released price talk on its term loan B in connection with its lender call, and Arcis Golf LLC came out with original issue discount guidance on its funded and delayed-draw term loans.

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