Houlihan Lokey Advises Zentro

Houlihan Lokey is pleased to announce that Zentro, one of the largest independent MDU-focused bulk internet service providers in the U.S., and a portfolio company of M|C Partners, has closed its first asset-backed financing. The transaction closed on February 26, 2026.

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 bulk MDU broadband sector to date. The transaction included the 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 the company’s long-term capital structure and provide additional capital resources to support both continued organic network expansion across the United States as well as strategic acquisitions. Further, this financing transaction lowers the company’s overall cost of capital and greatly expands its access to this substantial pool of long-term and lower-cost funding. The securitized assets are located throughout the United States, with major hubs in the Chicago and Los Angeles metropolitan areas. The assets are primarily comprising high-quality residential properties, as well as select commercial properties.

Founded in 2009, Zentro is one of the largest independent MDU-focused bulk internet service providers in the U.S. Zentro provides high-speed internet service to multi-dwelling units (MDUs), including apartments and condominiums. Zentro’s fiber-optic network delivers speeds of up to 10 Gbps, and the company is committed to providing its customers with the best possible internet experience.

Houlihan Lokey acted as the sole structuring agent and the sole placement agent.

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