ShenTel Completes $148M Jet Broadband Deal

Shenandoah Telecommunications said it has completed its acquisition of Jet Broadband's cable operations for $148 million.
The deal, which was announced in April was financed with a $248 million credit facility from a series of banks -- CoBank, ACB was co-lead arranger, bookrunner and administrative agent; BB&T was co-lead arranger and syndication agent; Wells Fargo was co-lead arranger and documentation agent; and as many as 15 other banks participated.
ShenTel said that it will spend up to $33 million over the next 24 months to upgrade Jet Broadband's entire network to offer additional video options, HDTV, digital video recorder service, greater Internet speeds and voice services.
Jet Broadband passes about 115,000 homes and has about 66,000 revenue generating units (a combination of video, voice and data customers) in southern Virginia and southern West Virginia.

New York-based cable investment banker Waller Capital served as financial adviser to Jet Broadband in the deal.