New Loans For OMERS And Companies
Posted on 02/01/2024
Weil’s Banking & Finance practice provides an all-inclusive service for complex financings, offering international deal execution and legal advice. Weil advised OMERS Private Equity and its portfolio companies The Kenan Advantage Group and Kenan Canada, a tank truck transporter and logistics provider, in approximately $1.56 billion of U.S. and Canadian Term B-3 and B-2 loans, respectively, as well as incremental U.S. Revolving Credit Commitments, all with a maturity date on January 25, 2029.
The use of the proceeds will be used to repay all outstanding indebtedness, working capital needs and for general corporate purposes. The Weil deal team was led by Banking & Finance Co-Head Andrew Colao and associates Kaitlin Bond, Becky Lange and Hye-Jin Kim, as well as Private Equity partner Timothy Burns and associate James Pierre-Louis.
Previous loans include a covenant-lite first-lien term loan due July 2022 that is priced at L+300, with a 1% floor. That loan was placed in 2015 to back the buyout of the company by OMERS Private Equity.
Cahill represented the administrative agent and lead arrangers in connection with the credit facility for The Kenan Advantage Group, Inc. involving US$ 1 billion in loans and commitments. Kenan is North America’s largest tank truck hauler and logistics provider. Proceeds from the facility were used in connection with the acquisition of The Kenan Advantage Group by OMERS Private Equity. Cahill also represented the joint book-running managers and co-managers in connection with Rule 144A offering of US$ 405 million aggregate principal amount of 7.875% Senior Notes that were due in 2023 by The Kenan Advantage Group, Inc. Proceeds were also used in connection with the acquisition.
Keywords: Ontario Municipal Employees Retirement System.
