Shenandoah Telecommunications Company (Shentel) has completed a refinancing of its credit facilities effective December 5, 2025. The company closed its inaugural $567.4 million secured fiber network asset revenue term notes, with $489.1 million in 5.64% Series 2025-1, Class A-2 term notes and $78.3 million in 6.03% Series 2025-1, Class B term notes, both due December 2030. Additionally, Shentel raised a $175 million Variable Funding Note Facility due December 2029 and a $175 million new Revolving Credit Facility due December 2030. Proceeds were used to repay $585.4 million in term and revolving credit loans and terminate an existing facility due July 2028. The refinancing is expected to reduce Shentel's cost of debt by approximately 170 basis points and lower annual interest expense by about $10 million.