MetroNet launches $65 million add-on term loan at 98.57-99 OID

By Sara Rosenberg

New York, April 27 – MetroNet launched on Wednesday its fungible $65 million add-on first-lien term loan B due June 2028 with original issue discount talk of 98.57 to 99, according to a market source.

Pricing on the add-on term loan is SOFR+CSA plus 375 basis points with a 0.75% floor, in line with existing term loan pricing.

CSA is 11 bps one-month rate, 26 bps three-month rate and 43 bps six-month rate.

Amortization on the add-on term loan is 1% per annum.

Goldman Sachs Bank USA, TD Securities (USA) LLC, Citizens Bank, Fifth Third, Societe Generale and KKR Capital Markets are the bookrunners on the deal.

Commitments are due on Tuesday, the source added.

Proceeds will be used to repay revolving credit facility borrowings that were drawn to fund growth capital expenditures.

Oak Hill and KKR Infrastructure are the sponsors.

MetroNet is an Evansville, Ind.-based provider of fiber optic high-speed broadband, video and voice services.

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