Shenandoah Telecommunications Completes Refinancing of Credit Facilities

Core Viewpoint - Shenandoah Telecommunications Company has successfully refinanced its existing credit facilities, which is expected to lower its cost of debt by approximately 170 basis points, translating to an annual savings of about $10.0 million [1][5]. Refinancing Highlights - Shentel Issuer LLC closed its inaugural offering of $567,405,000 in secured fiber network revenue term notes, which includes $489,142,000 in 5.64% Series 2025-1 Class A-2 term notes and $78,263,000 in 6.03% Series 2025-1 Class B term notes, both maturing in December 2030 [2]. - A revolving $175.0 million variable funding note facility was established, due December 2029, with interest based on the Secured Overnight Financing Rate (SOFR) plus a margin of 1.75% [3]. - A new $175.0 million Revolving Credit Facility was also secured, due December 2030, with interest ranging from SOFR plus 2.50% to 3.00% [4]. Financial Impact - The refinancing is expected to strengthen the company's balance sheet by extending maturities and reducing the cost of capital, thereby providing financial flexibility for ongoing expansion efforts [5]. - The company incurred approximately $15.0 million in upfront transaction fees to complete the refinancing [3]. Company Overview - Shenandoah Telecommunications Company provides broadband services through advanced fiber optic and cable networks across eight states in the eastern United States, offering services such as broadband internet, video, voice, and managed network services [6]. - The company operates an extensive regional network with over 18,000 route miles of fiber [6].