Zentro Internet Announces Largest ABS in the Multifamily Sector

CHICAGO–(BUSINESS WIRE)–Zentro Internet, one of the largest independent multifamily-focused internet service providers in the United States, has closed its inaugural asset-backed securitization (ABS) financing. The company is backed by M|C Partners.

“This ABS improves our cost structure and unlocks greater scalability.”Share

The transaction, which received investment-grade private credit ratings from a leading rating agency, was oversubscribed and attracted strong interest from asset managers, insurance companies and credit funds. At a $240 million issuance size, it is the largest ABS in the multifamily broadband sector to date. The transaction included issuance of solely investment-grade Class A-2 and Class B notes, which were issued to a group of leading institutional investors at a fixed rate.

Proceeds from the transaction will strengthen Zentro’s long-term capital structure and provide additional capital resources to support continued organic network expansion across the United States and strategic acquisitions. This financing transaction also lowers the company’s overall cost of capital and significantly expands its access to this substantial pool of long-term and lower-cost funding.

Doug Gilstrap, CEO of Zentro, said, “This ABS improves our cost structure and unlocks greater scalability. Its success reinforces our strategy of investing in the latest technology and building lasting partnerships with our clients. As a market leader focused on multifamily connectivity solutions, we will use this momentum to continue scaling our platform.”

Ryan Carr, partner at M|C Partners and Zentro board member, added, “This financing marks another milestone in the growth of Zentro, and we are very proud of the team and its ability to navigate this process. We remain extremely excited about the opportunity and growth we see in the MDU market and Zentro’s role in the space.”

Houlihan Lokey acted as sole structuring agent and sole placement agent. Kirkland & Ellis LLP served as legal counsel to Zentro, while King & Spalding LLP represented the investors. Altman Solon will serve as backup manager.

About Zentro

Founded in 2009, Zentro Internet is one of the largest independent providers of internet services for multifamily communities in the United States. Zentro delivers tailored, symmetrical multi-gig internet solutions across 20 major metro markets and is growing. For more information, visit https://zentrointernet.com/.

About M|C Partners

M|C Partners is a Boston-based private equity firm founded in 1986 that invests in digital infrastructure and technology services. M|C has raised more than $3 billion of capital since its inception across more than 150 investments. For more information, visit https://www.mcpartners.com/.

Contacts

Media Inquiries: marketing@zentrointernet.com

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