EDINBURG, Va., Dec. 08, 2025 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company ("Shentel" or "Company") (NASDAQ:SHEN) announced the refinancing of its existing credit facilities effective December 5, 2025 ("Closing").
Refinancing Highlights
Closed Inaugural $567.4 million Secured Fiber Network Asset Revenue Term Notes due December 2030
Raised $175.0 million Variable Funding Note Facility due December 2029
Raised $175.0 million new Revolving Credit Facility due December 2030
Repaid $585.4 million Term and Revolving Credit Loans and Terminated Credit Facility due July 2028
Shentel Issuer LLC ("Shentel Issuer"), a limited-purpose, bankruptcy remote wholly-owned subsidiary of Shentel, closed its 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, each with an anticipated repayment date in December 2030 (collectively, the "Notes"). The Notes are secured by certain fiber network assets and related customer contracts primarily in the states of Virginia, Ohio, Pennsylvania, Indiana, and Maryland.
As part of the same Indenture and fiber network assets and related customer contracts that govern and secure the Notes, Shentel Issuer entered into a revolving $175.0 million variable funding note facility (the "VFN") due December 2029 with a group of financial institutions. VFN advances will be subject to certain pro-forma leverage and debt service coverage ratios as defined in the Indenture. The VFN will bear interest at term Secured Overnight Financing Rate ("SOFR") plus a margin of 1.75%. The Company had no borrowings under the VFN at Closing. The Company incurred approximately $15.0 million in upfront transaction fees to complete the Notes and VFN financings.
Concurrently, Shentel Broadband Operations LLC ("Shentel Broadband"), a wholly-owned indirect subsidiary of the Company, entered into a ...
