MetroNet reveals term loan price guidance; LegalShield plans lender call

By Sara Rosenberg

New York, Aug. 24 – In the primary market on Monday, MetroNet released price talk on its incremental term loan B in connection with its lender call, and LegalShield emerged with plans to being a new deal after the Labor Day holiday weekend.

MetroNet held its lender call on Monday morning and announced original issue discount talk on its fungible $100 million incremental term loan B in the range of 99.75 to par, a market source remarked.

Like the existing term loan, the incremental term loan is priced at Libor plus 450 basis points with a 1% Libor floor.

Commitments are due on Friday, the source added.

TD Securities (USA) LLC, Citizens Bank, CoBank and Fifth Third are leading the deal that will be used for general corporate purposes.

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

LegalShield on deck

LegalShield set a lender call for 2 p.m. ET on Sept. 8 to launch a new financing, according to a market source.

Transaction specifics will be disclosed on the date of the call, the source added.

RBC Capital Markets and Stone Point Capital Markets are leading the arranger group.

The company currently has a $713 million first-lien term loan due May 2025 and a $180 million second-lien term loan due May 2026.

LegalShield, owned by Stone Point Capital, Further Global Capital Management, MidOcean Partners and management, is an Ada, Okla.-based provider of subscription-based legal and identity theft protection plans to businesses and individuals.

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