Shenandoah Telecommunications Company Announces Pricing of $567.4 million Inaugural Fiber Network Asset Securitization Offering
Shentel (NASDAQ:SHEN) priced a $567,405,000 inaugural secured fiber network asset securitization offering on Nov 20, 2025.
The transaction includes $489,142,000 5.64% Class A-2 term notes and $78,263,000 6.03% Class B term notes, with a weighted average coupon of approximately 5.69% and an anticipated repayment date in December 2030. The Notes are secured by fiber network assets and related customer contracts primarily in VA, OH, PA, IN, and MD. The offering is expected to close on Dec 5, 2025. Net proceeds are intended to repay and terminate existing term loans and for general corporate purposes. The Notes will be offered to qualified institutional buyers under Rule 144A and under Regulation S outside the United States and will not be registered under the Securities Act.
Shentel (NASDAQ:SHEN) ha collocato un'emissione inaugurale garantita di asset di rete in fibra per un importo di $567,405,000 il 20 novem bre 2025.
L'operazione comprende $489,142,000 5,64% Class A-2 obbligazioni a scadenza e $78,263,000 6,03% Class B obbligazioni, con una cedola ponderata media di circa 5,69% e una data di rimborso prevista nel dicembre 2030. Le Note sono garantite da asset di rete in fibra e da contratti con i clienti correlati, principalmente in VA, OH, PA, IN e MD. Si prevede la chiusura dell'offerta il 5 dicembre 2025. Il ricavo netto è destinato a rimborsare e terminare i prestiti a termine esistenti e a scopi societari generali. Le Note saranno offerte a acquirenti istituzionali qualificati ai sensi della Rule 144A e in conformità al Regolamento S all'estero e non saranno registrate ai sensi dello Securities Act.
Shentel (NASDAQ:SHEN) colocó una oferta inaugural garantizada de valores respaldados por activos de una red de fibra por un monto de $567,405,000 el 20 de noviembre de 2025.
La operación incluye $489,142,000 5.64% Class A-2 notas a plazo y $78,263,000 6.03% Class B notas a plazo, con un cupón ponderado promedio de aproximadamente 5.69% y una fecha de reembolso prevista en diciembre de 2030. Las notas están respaldadas por activos de la red de fibra y contratos con clientes relacionados, principalmente en VA, OH, PA, IN y MD. Se espera que la oferta cierre el 5 de diciembre de 2025. Los ingresos netos se destinarán a pagar y terminar préstamos a plazo existentes y para fines corporativos generales. Las notas se ofrecerán a compradores institucionales calificados bajo la Regla 144A y bajo el Reglamento S fuera de Estados Unidos y no estarán registradas en virtud del Securities Act.
Shentel (NASDAQ:SHEN)은 2025년 11월 20일에 $567,405,000 규모의 자산 유동화 선도 발행(섹뷰티드 피버 네트워크 자산 유동화 발행)을 가격했습니다.
거래에는 $489,142,000 5.64% Class A-2 만기 채권과 $78,263,000 6.03% Class B 만기 채권이 포함되며, 가중 평균 쿠폰은 약 5.69%이고 상환 예상일은 2030년 12월입니다. 이 노트는 주로 VA, OH, PA, IN, MD의 섬유 네트워크 자산 및 관련 고객 계약으로 담보됩니다. 발행은 2025년 12월 5일에 마감될 예정입니다. 순수익은 기존의 기간대출을 상환 및 해지하고 일반 기업 목적에 사용할 예정입니다. 노트는 미국 외 지역에서 규정 S하에 판매되며 미국 내에서는 증권법에 따라 등록되지 않고, Rule 144A에 따라 자격 있는 기관 투자자에게만 제공됩니다.
Shentel (NASDAQ:SHEN) a émis un placement initial garanti d'actifs de réseau en fibre pour $567 405 000 le 20 novembre 2025.
La transaction comprend $489 142 000 5,64% Class A-2 des notes à échéance et $78 263 000 6,03% Class B des notes à échéance, avec un coupon moyen pondéré d'environ 5,69% et une date de remboursement envisagée en décembre 2030. Les notes sont garanties par des actifs du réseau en fibre et des contrats clients liés, principalement dans VA, OH, PA, IN et MD. La clôture de l'offre est prévue pour le 5 décembre 2025. Le produit net doit être utilisé pour rembourser et mettre fin aux prêts à terme existants et à des fins générales d'entreprise. LesNotes seront offertes à des acheteurs institutionnels qualifiés sous la Rule 144A et sous le Regulation S en dehors des États-Unis et ne seront pas enregistrées en vertu du Securities Act.
Shentel (NASDAQ:SHEN) hat am 20. November 2025 eine inaugural gesicherte Besicherung von Finanztiteln auf Basis von Glasfasernetzwerk-Assets im Wert von $567.405.000 platziert.
Die Transaktion umfasst $489.142.000 5,64% Class A-2 Tilgungsanleihen und $78.263.000 6,03% Class B Tilgungsanleihen mit einem gewichteten Durchschnittszins von ca. 5,69% und einem voraussichtlichen Rückzahlungstermin im Dezember 2030. Die Anleihen sind durch Glasfasernetzwerk-Vermögenswerte und zugehörige Kundenverträge gesichert, hauptsächlich in VA, OH, PA, IN, und MD. Die Angebotsabwicklung wird voraussichtlich am 5. Dezember 2025 abgeschlossen. Die Nettomittel sollen verwendet werden, um bestehende termingerechte Kredite zu tilgen und für allgemeine Unternehmenszwecke. Die Anleihen werden qualifizierten institutionellen Käufern gemäß Rule 144A und gemäß Regulation S außerhalb der Vereinigten Staaten angeboten und unterliegen nicht der Registrierung gemäß dem Securities Act.
Shentel (NASDAQ:SHEN) قد قامت بتسعير إصدار أصول مدى آمن فائق لشبكة ألياف بسعر $567,405,000 في 20 نوفمبر 2025.
يشمل التعامل $489,142,000 5.64% Class A-2 سندات مميزة و $78,263,000 6.03% Class B سندات مميزة، بمعدل فائدة وزني تقريبي قدره 5.69% وتاريخ سداد متوقع في ديسمبر 2030. الضمانات على هذه الأوراق تكون من أصول شبكة الألياف والعهود المتعلقة بالعملاء، وتركز بشكل رئيسي في VA وOH وPA وIN وMD. من المتوقع إغلاق العرض في 5 ديسمبر 2025. سيتم استخدام صافي العائد لسداد وإنهاء القروض طويلة الأجل القائمة ولأغراض شركاتية عامة. ستُعرض هذه الأسهم على مشتري مؤسسيين مؤهلين بموجب القاعدة 144A وبموجب التنظيم S خارج الولايات المتحدة، ولن تُسجل بموجب قانون الأوراق المالية.
- Inaugural securitization sized at $567.405M
- Weighted average coupon approximately 5.69%
- Proceeds intended to repay existing term loans
- Notes secured by fiber assets across 5 states
- Creates secured obligations against specified fiber assets
- Long-term repayment date of December 2030
- Notes are unregistered and limited to qualified institutional buyers
Insights
Shentel priced a $567.4M secured fiber-asset securitization to refinance term loans and fund general purposes; closing expected
The transaction converts fiber-network cash flows into asset-backed notes, splitting risk into a larger Class A-2 tranche and a smaller Class B tranche. The offering totals
This action primarily rebalances Shentel's capital structure by isolating fiber cash flows in a bankruptcy-remote subsidiary and using proceeds to repay existing term loans and for general corporate purposes. Key dependencies include the stability of the underlying fiber revenue streams and successful closing on
EDINBURG, Va., Nov. 20, 2025 (GLOBE NEWSWIRE) -- 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
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.
The Notes will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act or any applicable state securities laws. The Notes will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States in compliance with Regulation S under the Securities Act.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Shenandoah Telecommunications Company
Shenandoah Telecommunications Company (Shentel) provides broadband services through its high speed, state-of-the-art fiber optic and cable networks to residential and commercial customers in eight contiguous states in the eastern United States. The Company’s services include: broadband internet, video, voice, high-speed Ethernet, dedicated internet access, dark fiber leasing, and managed network services. The Company owns an extensive regional network with over 18,000 route miles of fiber. For more information, please visit www.shentel.com.
This release contains forward-looking statements and projections about Shentel regarding, among other things, its business strategy, its prospects and its financial position. These statements can be identified by the use of forward-looking terminology such as “believes,” “intends,” “may,” “will,” “should,” or “anticipates” or the negative or other variation of these or similar words, or by discussions of strategy or risks and uncertainties. The forward-looking statements are based upon management’s beliefs, assumptions and current expectations and may include comments as to Shentel’s beliefs and expectations as to future events and trends affecting its business that are necessarily subject to uncertainties, many of which are outside Shentel’s control. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as, a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved, and actual results may differ materially from those contained in or implied by the forward-looking statements/. A discussion of factors that may cause actual results to differ from management’s projections, forecasts, estimates and expectations is available in Shentel’s filings with the Securities and Exchange Commission. Those factors may include, among others, changes in our ability to close the Notes offering, overall economic conditions including rising inflation, changes in tariffs, new or changing regulatory requirements, changes in technologies, changes in competition, changing demand for our products and services, our ability to execute our business strategies, availability of labor resources and capital, natural disasters, pandemics, and outbreaks of contagious diseases and other adverse public health developments. The forward-looking statements included are made only as of the date of the statement. Shentel undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, except as required by law.
CONTACT:
Shenandoah Telecommunications Company
Lucas Binder
VP Corporate Finance
540-984-4800
lucas.binder@emp.shentel.com
FAQ
What did Shentel (SHEN) announce on November 20, 2025?
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What are the interest rates and classes in the SHEN offering?
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What assets secure the SHEN notes and which states are affected?
Who can buy Shentel's unregistered securitization notes (SHEN)?
