Shentel closes $567.4M fiber securitization, refinances credit facilities

SHENANDOAH TELECOMMUNICATIONS CO/VA/

Issued $567.4M in secured fiber network revenue term notes: $489.1M Class A-2 at 5.64% and $78.3M Class B at 6.03%.
Established a $175M variable funding note facility (VFN) at SOFR + 1.75% and a new $175M revolving credit facility (RCF) at SOFR + 2.50%-3.00%.
Repaid $585.4M of existing term and revolving loans, terminating the prior credit agreement.
Expects annual interest expense reduction of ~$10M (170 bps lower cost of debt).
Incurred ~$15M in upfront transaction fees; maturities extended to 2030.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

SHENANDOAH TELECOMMUNICATIONS CO/VA/ incurred senior notes of $567,405,000 aggregate principal amount of secured fiber network revenue term notes, consisting of $489,142,000 5.64% Se with Citibank, N.A. at 5.64% per annum for Class A-2; 6.03% per annum for Class B maturing anticipated repayment date in December 2030.

Instrument: senior notes
Principal: $567,405,000 aggregate principal amount of secured fiber network revenue term notes, consisting of $489,142,000 5.64% Se
Counterparty: Citibank, N.A.
Rate: 5.64% per annum for Class A-2; 6.03% per annum for Class B
Maturity: anticipated repayment date in December 2030
Event: incurrence

Exact text from the filing

On December 5, 2025, Shentel Issuer, LLC (the “ Issuer ”), a limited-purpose, bankruptcy remote subsidiary of Shenandoah Telecommunications Company (“ Shentel ”), closed its previously announced inaugural offering of $567,405,000 aggregate principal amount of secured fiber network revenue term notes, consisting of $489,142,000 5.64% Series 2025-1, Class A-2 term notes and $78,263,000 6.03% Series 2025-1, Class B term notes (collectively, the “ Term Notes ”), each with an anticipated repayment date in December 2030 (the “ Term Notes ARD ”).

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Source: SEC EDGAR

accession 0001171843-25-007857

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