Shenandoah Telecommunications' Shentel Issuer Prices ~$567.4M Secured Fiber Network Notes To Refinance Debt And Support Corporate Initiatives

Shenandoah Telecommunications Company ("Shentel") (NASDAQ:SHEN) today announced that Shentel Issuer, LLC, a limited-purpose, bankruptcy remote subsidiary of the Company, has priced 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 have a weighted average coupon rate of approximately 5.69% and will be secured by certain fiber network assets and related customer contracts primarily in the States of Virginia, Ohio, Pennsylvania, Indiana, and Maryland. The offering is expected to close on December 5, 2025.

Shentel intends to use the net proceeds of the offering to, among other things, repay and terminate its existing term loans and for general corporate purposes.