NEW YORK (S&P Global Ratings) Dec. 6, 2021--S&P Global Ratings today said that its 'B-' issue-level and '3' recovery ratings on MetroNet Systems Holdings LLC's (B-/Stable/--) first-lien debt are unchanged following the company's proposed $125 million first-lien term loan add-on (total of $773 million). Fiber broadband operator MetroNet Holdings LLC, the Evansville, Ind.-based parent company, plans to use the proceeds from this add-on to repay $125 million of outstanding borrowings under its $125 million revolving credit facility due 2026. We raised our default valuation of MetroNet to about $615 million from $520 million, primarily because of the recent acquisition of southwest Michigan-based CTS (a fiber broadband and voice services operator), incremental EBITDA associated with the transfer of assets to Mature
