Synchronoss announces completion of debt refinancing

Synchronoss (SNCR) Technologies has entered into an agreement with TP Birch Grove to refinance its existing senior notes and term loan facilities with a new $200 million, four-year term loan, extending the maturity of its debt and further enhancing the Company’s financial flexibility. Proceeds from the Term Loan will be used to repay the remaining $73.6 million principal of the original $75 million term loan facility and the $121 million remainder of the senior notes. The company will use approximately $8 million in funds off its balance sheet to complete the transaction, including fees, call protection payments, and accrued interest. The Term Loan carries a maturity date of April 24, 2029, and is priced at SOFR plus 700 basis points, with one 50bps leverage-based stepdown. TD Cowen served as Exclusive Financial Advisor for the term loan refinancing.