Moody’s gives MetroNet loans B2

Moody’s Investors Service said it gave a B2 rating to MetroNet Systems Holdings, LLC’s new $650 million senior secured first-lien facilities and $125 million revolving credit facility.

Concurrently, Moody’s affirmed the B3 corporate family rating and B3-PD probability of default rating.

The affirmation comes on the back of KKR joining Oak Hill as investors in MetroNet, the agency said.

Of the new $650 million first-lien and the new unrated $260 million second lien term loans, $65 million and $175 million respectively will be available on a delayed-draw basis. Funding of the delayed loans is expected to occur concurrently with closing of KKR’s equity investment, expected in the fourth quarter, and they will be subject to a first-lien and total net leverage of 5x and 7x respectively, Moody’s said.

The outlook is stable.

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