Shenandoah Telecommunications Company Completes Sale of its Wireless Assets and Operations to T-Mobile
01 July 2021 - 11:00PM
Shenandoah Telecommunications Company (“Shentel” or the “Company”)
(NASDAQ: SHEN) announced today the closing of the previously
announced sale of its Wireless assets and operations to T-Mobile
USA, Inc. (“T-Mobile”). 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 (“Sprint”), 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 TelecommunicationsShenandoah
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.
This release contains forward-looking statements about Shentel
regarding, among other things, its business strategy, its prospects
and its financial position. These statements can be identified by
the use of forward-looking terminology such as “believes,”
“estimates,” “expects,” “intends,” “may,” “will,” “should,”
“could,” or “anticipates” or the negative or other variation of
these or similar words, or by discussions of strategy or risks and
uncertainties. The forward-looking statements are based upon
management’s beliefs, assumptions and current expectations and may
include comments as to Shentel’s beliefs and expectations as to
future events and trends affecting its business that are
necessarily subject to uncertainties, many of which are outside
Shentel’s control. Although management believes that the
expectations reflected in the forward-looking statements are
reasonable, forward-looking statements are not, and should not be
relied upon as, a guarantee of future performance or results, nor
will they necessarily prove to be accurate indications of the times
at which such performance or results will be achieved, and actual
results may differ materially from those contained in or implied by
the forward-looking statements as a result of various factors. A
discussion of other factors that may cause actual results to differ
from management’s projections, forecasts, estimates and
expectations is available in Shentel’s filings with the Securities
and Exchange Commission. Those factors may include natural
disasters, pandemics and outbreaks of contagious diseases and other
adverse public health developments, such as COVID-19, changes in
general economic conditions, increases in costs, changes in
regulation and other competitive factors. The forward-looking
statements included are made only as of the date of the statement.
Shentel undertakes no obligation to revise or update such
statements to reflect current events or circumstances after the
date hereof, or to reflect the occurrence of unanticipated events,
except as required by law.
CONTACTS:
Shenandoah Telecommunications Company
Jim VolkSenior Vice President - Chief Financial
Officer540-984-5168Jim.Volk@emp.shentel.com
Shenandoah Telecommunica... (NASDAQ:SHEN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Shenandoah Telecommunica... (NASDAQ:SHEN)
Historical Stock Chart
From Jul 2023 to Jul 2024