SHEN News & Events

Shenandoah files to sell 4.12M shares of common stock for holders

Sees FY26 adjusted EBTIDA $131M-$136M

Reports Q4 revenue $91.582M vs $85.412M last year. "We finished 2025 with strong momentum, executing on our growth strategy, strengthening the balance sheet, and enhancing our high-value fiber businesses," said Ed McKay, President and Chief Executive Officer. "Our Asset-Backed Securitization refinancing will reduce annual cash interest expense by over $10 million and fully fund completion of our Glo Fiber build by the end of 2026. With Glo Fiber and Commercial Fiber serving as primary growth engines, we are well positioned for sustained long-term growth and positive free cash in 2027."

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.