Shentel announced the pricing of $567,405,000 aggregate principal amount of secured fiber network revenue term notes.
The offering consists 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.
The Notes are anticipated to have a repayment date in December 2030 and are secured by certain fiber network assets in multiple states.
Offering Details
Inaugural offering of secured fiber network revenue term notes totaling $567.4 million.
Coupon Rate
Weighted average coupon rate of approximately 5.69% for the Notes.
Use of Proceeds
Intended use of net proceeds to repay existing term loans and for general corporate purposes.
- The offering is a significant step for Shentel, providing access to capital through the issuance of secured Notes.
- The use of net proceeds to repay existing term loans can improve the company's financial position and support future growth initiatives.
Shentel's pricing of the inaugural fiber network asset securitization offering marks a strategic move to strengthen its financial position and support growth opportunities in the broadband services market.