...January 31, 2022 NEW YORK (S&P Global Ratings) Jan. 31, 2022--S&P Global Ratings today raised its issue-level rating on MetroNet Systems Holdings LLC's first-lien debt to 'B' from 'B-' and revised the recovery rating to '2' from '3' following an upward revision in our stressed enterprise valuation to account for contributions from acquired properties and continued progress in developing markets. MetroNet has proposed a $95 million add-on to its term loan B due 2028 (total of $866 million outstanding) and an increase of its revolving credit facility due 2026 to $175 million from $125 million. The '2' recovery rating indicates our expectation of substantial (70%-90%; rounded estimate: 75%) recovery in the event of a payment default. Fiber broadband operator MetroNet Holdings LLC, the Evansville, Ind.-based parent company, plans to use the proceeds from the add-on to repay $92 million of outstanding revolver borrowings, pay fees and expenses, with minimal cash to the balance sheet. We raised...
