KBRA Assigns Preliminary Ratings to Shentel Issuer LLC, Series 2025-1

KBRA assigns preliminary ratings to the Series 2025-1 Class A-1-L Notes, Class A-1-V Notes, Class A-2 Notes, and Class B Notes (the Series 2025-1 Notes) from Shentel Issuer LLC (the Issuer), a communications infrastructure securitization.

Shentel 2025-1 is the first securitization issued by Shentel Issuer LLC (the Issuer). The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes, including potentially Class C, and series of notes subject to certain conditions, including rating agency confirmation. The proceeds from the sale of the Notes will primarily be used to repay indebtedness under an existing credit facility, pay access fees for the underlying infrastructure, and for general corporate purposes.

Shentel Broadband Operations LLC (Shentel, the Company, the Parent, and the Manager) is a broadband provider, operating in Georgia, Indiana, Kentucky, Maryland, Michigan, New York, North Carolina, Pennsylvania, Ohio, Virginia, and West Virginia. The Parent provides fiber optics under the brand name of Glo Fiber and hybrid fiber coaxial cable under the brand name of Shentel (no coaxial cable services are included in the subject transaction). Shentel’s services include broadband internet, video and voice, high-speed Ethernet and managed network services. The Parent also leases dark fiber and provides fiber-to-the-premises (FTTP), including high-speed internet, streaming television, digital phone services, Ethernet and wavelength fiber optic services, to enterprise and wholesale customers throughout the entirety of the Parent’s service area under the brand name of Glo Fiber Business. The Parent owns an extensive regional network with approximately 17,740 route miles of fiber.

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