SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN) Company Report

Shenandoah Telecommunications Company (Shentel) announced the pricing of an inaugural $567,405,000 secured fiber network revenue term notes offering through its subsidiary, Shentel Issuer, LLC.
The offering includes $489,142,000 in Series 2025-1, Class A-2 term notes at 5.64% and $78,263,000 in Series 2025-1, Class B term notes at 6.03%, resulting in a weighted average coupon rate of approximately 5.69%.
The notes have an anticipated repayment date in December 2030, and the offering is expected to close on December 5, 2025.
Shentel intends to use the net proceeds primarily to repay and terminate existing term loans and for general corporate purposes.

Nov 20, 2025, 9:15 PM

Shenandoah Telecommunications Company Announces Fiber Network Asset Securitization Offering

SHEN

Debt Issuance

Shentel Issuer, LLC, a subsidiary of Shenandoah Telecommunications Company, has commenced an offering of $567,405,000 in secured fiber network revenue term notes.
These notes, which have an anticipated repayment date in December 2030, are secured by certain fiber network assets and related customer contracts.
Shentel intends to use the net proceeds from the offering primarily to repay and terminate its existing term loans and for general corporate purposes.

Nov 17, 2025, 2:34 PM

Shentel Reports Q3 2025 Results, Reiterates Guidance, and Plans Refinancing

SHEN

Earnings

Guidance Update

Debt Issuance

Shentel reported Q3 2025 consolidated revenues of $89.8 million, a 2.5% year-over-year increase, and Adjusted EBITDA of $29.7 million, up 11.7% year-over-year, with margins expanding 300 basis points to 33%.
The company reached 400,000 total GloFiber passings and grew GloFiber data revenue-generating units to 83,000, a 39.5% year-over-year increase, driving 41.1% growth in GloFiber revenues to $21.3 million.
Shentel reiterated its 2025 guidance, expecting revenues between $352 million and $357 million and Adjusted EBITDA between $113 million and $118 million.
The company is on track to achieve positive free cash flow for the full year of 2027 and plans to refinance its credit facilities through a hybrid structure, including asset-backed securitization and a new credit facility, in the coming months.
In response to competitive actions, Shentel introduced new promotional rate plans in mid-August, offering enhanced speeds with a five-year price guarantee, which has led to a significant lift in gross additions.

Oct 29, 2025, 8:30 PM

Shenandoah Telecommunications Company Reports Q3 2025 Results

SHEN

Earnings

Guidance Update

Revenue Acceleration/Inflection

Shenandoah Telecommunications Company (Shentel) reported total revenue of $89.8 million for Q3 2025, marking a 2.5% increase from Q3 2024, while experiencing a net loss from continuing operations of $9.4 million.
Adjusted EBITDA for Q3 2025 grew 11.8% to $29.7 million, with the Adjusted EBITDA margin expanding to 33%.
The Glo Fiber Expansion Markets segment demonstrated strong growth, with revenue increasing 41.1% to $21.3 million and average subscribers rising 41.3% compared to Q3 2024. As of September 30, 2025, Glo Fiber passings exceeded 400,000 and subscribers reached approximately 83,000.
Shentel reiterated its 2025 financial guidance, forecasting total revenue between $352 million and $357 million and Adjusted EBITDA between $113 million and $118 million.

Oct 29, 2025, 8:05 PM

Shenandoah Telecommunications Company Discusses Fiber Strategy, Acquisitions, and Financial Outlook

SHEN

New Projects/Investments

M&A

Debt Issuance

Shenandoah Telecommunications Company (SHEN) is transforming into a fiber-to-the-home company, projecting over $350 million in revenue this year and aiming for 500,000 to 550,000 total Glo Fiber passings by year-end 2026. The strategy focuses on being the first fiber provider in markets, targeting a 37% terminal penetration rate and 15%+ unlevered IRR.
The company acquired Horizon Telecom in April 2024, which doubled its commercial fiber business and expanded its regional fiber optic network to 18,000 route-miles.
SHEN plans to refinance its $675 million credit facility by accessing the ABS market in late 2025 or early 2026, expecting to lower its cost of debt by approximately 100 basis points.
The company anticipates becoming free cash flow positive in 2027 after completing its Glo Fiber build-out in 2026, with current net leverage at 3.7 times and projected to reach 4.5 to 4.75 times by end of 2026.
SHEN maintains strong customer satisfaction with a Net Promoter Score of 69 and a low average churn rate of about 1%.

Sep 3, 2025, 2:48 PM

Earnings Transcripts

Quarterly earnings call transcripts for SHENANDOAH TELECOMMUNICATIONS CO/VA/.

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