Shenandoah Telecommunications Company (“Shentel” or the “Company”) announced 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.
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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.
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