---
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"
generated_at: "2026-05-16T13:41:41.835089+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Shentel closes $567.4M fiber securitization, refinances credit facilities

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171843-25-007857
- JSON: https://secwatch.observer/filing/0001171843-25-007857.json
- Plain text: https://secwatch.observer/filing/0001171843-25-007857.txt

## Key facts
- Debt Financings
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/354963/000117184325007857/0001171843-25-007857-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.