SHENANDOAH TELECOMMUNICATIONS CO

Shenandoah Telecommunications Company (Shentel) provides broadband services through its fiber-optic and cable networks to customers in eight contiguous states in the eastern United States. The company offers broadband internet, video, and voice services, along with high-speed Ethernet, dark fiber leasing, and managed network services. Shentel operates an extensive regional network comprising approximately 19,000 route miles of fiber. Shentel delivers broadband data, video, and voice services to residential and commercial customers in parts of Virginia, West Virginia, Maryland, Pennsylvania, Kentucky, Delaware, Ohio, and Indiana, utilizing fiber optic and hybrid fiber coaxial (HFC) cable networks. The company also leases dark fiber and provides Ethernet and Wavelength fiber optic services to enterprise and wholesale customers across its entire service area. Additionally, Shentel's Broadband business offers voice and digital subscriber line (DSL) services as a Rural Local Exchange Carrier (RLEC) to customers in Shenandoah County and adjacent counties in Virginia, and in Ross County and adjacent counties in Ohio. As of December 31, 2025, the company served approximately 262,000 Revenue Generating Units (RGUs). In 2025, Shentel formed Shentel Guarantor LLC, Shentel Issuer LLC, Shentel Asset Entity I LLC, and Shentel Asset Entity II LLC as bankruptcy-remote subsidiaries. These entities were established for a securitization transaction, involving the contribution of certain fiber network assets and related customer contracts, primarily in Virginia, Ohio, Pennsylvania, Indiana, Maryland, and West Virginia, to Shentel Asset Entity I LLC and Shentel Asset Entity II LLC. The cash flow from these assets is used to service obligations under Shentel's ABS Notes.