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Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Shentel Broadband Operations LLC, an indirect wholly owned subsidiary of Shentel, has a credit agreement which contains a $150 million revolving credit facility (the “Revolver”) and $525 million in delayed draw amortizing term loans, including Term Loans A-1, A-2 and A-3 in the table below (collectively, the “Term Loans” and collectively with Revolver, the “Credit Agreement”). As of September 30, 2025, the availability under our Revolver was $118 million. The following Term Loans were outstanding under the Credit Agreement:

(in thousands)September 30,
2025		December 31,
2024
Term loan A-1$139,079 $144,451 
Term loan A-2147,395 148,506 
Term loan A-3223,876 125,000 
Revolver
25,000 — 
Total debt535,350 417,957 
Less: unamortized loan fees(1,247)(1,078)
Total debt, net of unamortized loan fees$534,103 $416,879 

The Term Loans bear interest at one-month term SOFR plus a margin. The margin is variable and determined by the Company’s net leverage ratio. Interest is paid monthly. The weighted-average interest rate was 7.47% for the Term Loans and Revolver at September 30, 2025.

Shentel is charged commitment fees on unutilized portions of its Revolver and Term Loans. The Company recorded $0.2 million and $0.6 million related to these fees for the three and nine months ended September 30, 2025, respectively, and $0.2 million and $0.7 million for the three and nine months ended September 30, 2024, respectively, which are included in interest expense in the unaudited condensed consolidated statements of operations.

Interest expense recorded in Shentel’s unaudited condensed consolidated statements of operations consisted of the following:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2025202420252024
Interest expense
$9,574 $6,158 $25,569 $17,755 
Less: capitalized interest
(2,785)(2,490)(7,885)(6,015)
Interest expense, net of capitalized interest
$6,789 $3,668 $17,684 $11,740 

The Credit Agreement includes various covenants, including total net leverage ratio and debt service coverage ratio financial covenants.

Shentel’s Term Loans require quarterly payments based on a percentage of the outstanding balance.

On April 16, 2025, Shentel amended the Credit Agreement (the “Fourth Amendment”) to extend the maturity date of the Revolver and Term Loan A-1 to July 1, 2027. Both Term Loan A-2 and Term Loan A-3 mature on July 1, 2028.

The Fourth Amendment of Shentel’s Credit Agreement also amended certain covenant provisions, including increasing the maximum Total Net Leverage Ratio (as defined in the Credit Agreement) permitted as of the last day of any fiscal quarter to 4.75:1.00.
The following table summarizes the expected payments of Shentel’s outstanding borrowings as of September 30, 2025:
(in thousands)Amount
2025 (remainder of the year)$2,645 
202610,430 
2027165,792 
2028356,483 
Total$535,350 

Shentel has borrowed $25 million under its Revolver as of September 30, 2025. The entire outstanding principal amount borrowed against the Revolver is due July 1, 2027.

In addition to amounts borrowed under the Revolver as of September 30, 2025, Shentel has executed letter of credit arrangements totaling $7.1 million that reduce the available balance of the Revolver. The letter of credit arrangements were executed primarily pursuant to the requirements of the National Telecommunications and Information government grant program, discussed further in Note 14, Government Grants. These amounts are not considered borrowed, as no cash has been disbursed to Shentel or other parties.

The Credit Agreement is fully secured by a pledge and unconditional guarantee from Shentel Personal Communications, LLC, Shenandoah Cable Television, LLC, Shenandoah Mobile, LLC and Shentel Management Company. This provides the lenders a security interest in substantially all of the assets of the Company.