secwatch.observer — SEC 8-K summary
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Issuer:     SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN)
CIK:        0000354963
Form:       8-K
Filed at:   2023-10-26T23:59:59+00:00
Accession:  0001171843-23-006448
Event type: m_and_a
Sentiment:  positive
Materiality: 0.90
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Shentel acquires Horizon for $305M cash plus stock; ECP invests $81M in preferred
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- Total cash consideration of $305M to Sellers plus ~4.08M shares to GCM Grosvenor; up to $65M additional for capex.
- ECP Fiber Holdings invests $81M in Shentel Broadband 7% Series A Preferred, exchangeable for common.
- Credit Agreement amended to allow $275M incremental term loans; $50M of that for revolver; CoBank leads commitment.
- GCM gets board seat and 1-year lock-up; ECP gets director nomination rights if holding >=7.5% of common.
- Closing expected by May 1, 2024 (extendable to July 1), subject to regulatory approvals and other conditions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/354963/000117184323006448/0001171843-23-006448-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/354963/000117184323006448/f8k_102523.htm
  HTML page:      https://secwatch.observer/filing/0001171843-23-006448

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