Shenandoah Telecommunications Completes $567.4 Million Financing
Shenandoah Telecommunications announced the refinancing of its existing credit facilities effective December 5, 2025. Shentel Issuer 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. 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 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 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, a wholly-owned indirect subsidiary of the Company, entered into a new $175.0 million Revolving Credit Facility due December 2030 with a group of financial institutions. The RCF is secured by substantially all of the assets and equity interests of its subsidiaries excluding Shentel Issuer; Shentel Guarantor LLC, a wholly-owned subsidiary of Shentel Broadband and parent of Shentel Issuer; Shentel Asset Entity I LLC, a wholly-owned subsidiary of Shentel Issuer; and Shentel Asset Entity II LLC, a wholly-owned subsidiary of Shentel Issuer. Borrowings under the RCF will bear interest at term SOFR plus a margin ranging from 2.50% to 3.00%. Shentel Broadband borrowed $75.0 million from the RCF at Closing.
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Glo Fiber Launches 8 Gbps Fiber Broadband Service in Zanesville, Ohio
- Service Launch: Glo Fiber has launched its 100% fiber optic broadband service in Zanesville, Ohio, with construction expected to be completed by summer 2026, providing approximately 12,000 homes and businesses with enhanced internet access quality.
- Speed Advantage: The service offers symmetrical upload and download speeds of up to 8 Gbps, not only meeting the demands of residents and businesses for high-speed internet but also empowering them to compete effectively in the modern digital economy.
- Community Feedback: Mayor Donald Mason of Zanesville stated that this investment will bring more choices and competition to the community, promoting local economic development and highlighting the importance of fiber technology in improving quality of life.
- Customer Service Commitment: Glo Fiber emphasizes its superior local customer service and straightforward pricing strategy, aiming to attract more users through flexibility without long-term contracts and a friendly service experience, thereby further solidifying its market position.
Shentel Launches 5 Gbps Fiber-to-the-Home Internet in Radford, Virginia
- Fiber Network Upgrade: Shentel's launch of 100% fiber-to-the-home internet service in Radford offers symmetrical speeds up to 5 Gbps, with construction expected to be completed by March 2026, significantly enhancing network experience for local residents and businesses.
- Long-term Partnership: Mayor David Horton noted that Shentel's investment not only upgrades the traditional cable system but also provides advanced technology for Radford's residents and businesses, fostering long-term community growth.
- Customer Service Optimization: Shentel promises prompt and friendly local customer service, avoiding the complexities of third-party call centers, which enhances customer satisfaction and strengthens market competitiveness.
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