Shenandoah Telecommunications Company (Shentel) has announced the pricing of its inaugural fiber network asset securitization, with Shentel Issuer, LLC set to issue a total of $567,405,000 in secured fiber network revenue term notes. The offering comprises $489,142,000 of Series 2025-1, Class A-2 term notes with a 5.64% interest rate and $78,263,000 of Series 2025-1, Class B term notes with a 6.03% interest rate, both with anticipated repayment dates in December 2030. The notes will be secured by certain fiber network assets and related customer contracts in Virginia, Ohio, Pennsylvania, Indiana, and Maryland. The transaction is expected to close on December 5, 2025. The notes are being offered only to qualified institutional buyers under Rule 144A and outside the U.S. under Regulation S and will not be registered under the Securities Act of 1933.