EDINBURG, Va., July 01, 2021 (GLOBE NEWSWIRE) — Shenandoah Telecommunications Company (NASDAQ: SHEN) announced today the closing of the previously announced sale of its Wireless assets and operations to T-Mobile USA, Inc.. The Company received cash proceeds of $1.94 billion, inclusive of the approximately $60 million settlement of the waived management fees by Sprint Corporation, an indirect subsidiary of T-Mobile, and net of certain transaction expenses.
As required by the terms of its 2018 credit facility, $684 million of the proceeds were used to fully repay all outstanding debt and to terminate the facility and related interest rate swap contracts.
About Shenandoah Telecommunications
Shenandoah Telecommunications Company (Shentel) provides broadband services through its high speed, state-of-the-art cable, fiber optic and fixed wireless networks to customers in the Mid-Atlantic United States. The Company’s services include: broadband internet, video, and voice; fiber optic Ethernet, wavelength and leasing; and tower colocation leasing. The Company owns over 6,800 route miles of fiber and 223 macro cellular towers. For more information, please visit www.shentel.com.
