MetroNet wraps $240 million first-lien loan at Libor plus 450 bps

By Sara Rosenberg

New York, Sept. 18 – MetroNet finalized pricing on its $240 million seven-year first-lien term loan (B2/B) at Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The first-lien term loan has 101 soft call protection for six months, the source said.

The $380 million of credit facilities also include a $55 million five-year revolver (B2/B) and an $85 million eight-year second-lien term loan (CCC).

TD Securities (USA) LLC, Citizens Bank, CoBank, BNP Paribas Securities Corp. and Fifth Third are the leads on the deal.

Proceeds will be used to refinance existing debt, fund capital expenditures and pay related fees and expenses.

MetroNet is an Evansville, Ind.-based provider of high-speed broadband, video and voice services over a fiber-to-the-premises network.

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