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MetroNet wraps $150 million add-on term loan and repricing
By Sara Rosenberg
New York, Feb. 12 – MetroNet completed syndication of a fungible $150 million add-on term loan and repricing of its existing roughly $337 million term loan, according to a market source.
Pricing on the term loan debt is Libor plus 425 basis points with a 1% Libor floor and it was issued at par, the source said.
TD Securities (USA) LLC, Citizens Bank, CoBank and Fifth Third are the joint lead arrangers on the deal, with TD the left lead and administrative agent.
Proceeds from the add-on term loan are being used to repay revolving credit facility borrowings and for general corporate purposes, and the repricing is taking the existing term loan down from Libor plus 450 bps with a 1% Libor floor.
Allocations went out on Thursday.
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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