{"schema_version":"secwatch.filing_event.v1","accession":"0001171843-25-007857","form_type":"8-K","ticker":"SHEN","cik":"0000354963","company_name":"SHENANDOAH TELECOMMUNICATIONS CO/VA/","filed_at":"2025-12-10T23:59:59+00:00","discovered_at":"2026-05-14T18:02:41.747744+00:00","generated_at":"2026-05-16T13:41:41.835089+00:00","sec_items":["1.01","2.03","7.01","9.01"],"event_type":"debt","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Shentel closes $567.4M fiber securitization, refinances credit facilities","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001171843-25-007857","json":"https://secwatch.observer/filing/0001171843-25-007857.json","markdown":"https://secwatch.observer/filing/0001171843-25-007857.md","text":"https://secwatch.observer/filing/0001171843-25-007857.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/354963/000117184325007857/0001171843-25-007857-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/354963/000117184325007857/f8k_120925.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T13:41:41.835089+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"7df5f39e189041a4ea2e26f305733ed3f464092b","claim":"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.","evidence_excerpt":"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 ”).","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/354963/000117184325007857/0001171843-25-007857-index.htm","confidence":0.95,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"senior notes"},{"label":"Principal","value":"$567,405,000 aggregate principal amount of secured fiber network revenue term notes, consisting of $489,142,000 5.64% Se"},{"label":"Counterparty","value":"Citibank, N.A."},{"label":"Rate","value":"5.64% per annum for Class A-2; 6.03% per annum for Class B"},{"label":"Maturity","value":"anticipated repayment date in December 2030"},{"label":"Event","value":"incurrence"}]}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}