Synchronoss Technologies Announces the Successful Completion of Debt Refinancing
Synchronoss Technologies has successfully completed a major debt refinancing initiative, securing a new $200 million four-year term loan through TP Birch Grove. The refinancing extends the company's debt maturity to April 24, 2029.
The new term loan will be used to repay:
- $73.6 million remaining principal from original $75 million term loan
- $121 million remainder of senior notes
- $8 million from balance sheet for transaction costs
The loan is priced at SOFR plus 700 basis points, with one 50bps leverage-based stepdown. TD Cowen served as Exclusive Financial Advisor, while Kirkland & Ellis and Cahill Gordon & Reindel provided legal counsel. This refinancing strengthens Synchronoss's capital structure, enabling further investment in their Personal Cloud solution while providing enhanced operational flexibility.
Synchronoss Technologies ha completato con successo un'importante iniziativa di rifinanziamento del debito, assicurandosi un nuovo prestito a termine quadriennale da 200 milioni di dollari tramite TP Birch Grove. Il rifinanziamento estende la scadenza del debito della società al 24 aprile 2029.
Il nuovo prestito a termine sarà utilizzato per rimborsare:
- 73,6 milioni di dollari di capitale residuo su un prestito a termine originale da 75 milioni di dollari
- 121 milioni di dollari residui di note senior
- 8 milioni di dollari dal bilancio per coprire i costi della transazione
Il prestito è quotato a SOFR più 700 punti base, con una riduzione di 50 punti base basata sulla leva finanziaria. TD Cowen ha agito come consulente finanziario esclusivo, mentre Kirkland & Ellis e Cahill Gordon & Reindel hanno fornito consulenza legale. Questo rifinanziamento rafforza la struttura patrimoniale di Synchronoss, permettendo ulteriori investimenti nella loro soluzione Personal Cloud e offrendo una maggiore flessibilità operativa.
Synchronoss Technologies ha completado con éxito una importante iniciativa de refinanciamiento de deuda, asegurando un nuevo préstamo a plazo de cuatro años por 200 millones de dólares a través de TP Birch Grove. El refinanciamiento extiende el vencimiento de la deuda de la empresa hasta el 24 de abril de 2029.
El nuevo préstamo a plazo se utilizará para pagar:
- 73,6 millones de dólares de principal restante del préstamo original de 75 millones de dólares
- 121 millones de dólares restantes de notas senior
- 8 millones de dólares del balance para costos de la transacción
El préstamo tiene un precio de SOFR más 700 puntos básicos, con una reducción de 50 puntos básicos basada en el apalancamiento. TD Cowen actuó como asesor financiero exclusivo, mientras que Kirkland & Ellis y Cahill Gordon & Reindel brindaron asesoría legal. Este refinanciamiento fortalece la estructura de capital de Synchronoss, permitiendo una mayor inversión en su solución Personal Cloud y ofreciendo una mayor flexibilidad operativa.
Synchronoss Technologies는 TP Birch Grove를 통해 새로운 2억 달러 4년 만기 대출을 확보하며 주요 부채 재융자 작업을 성공적으로 완료했습니다. 이번 재융자를 통해 회사의 부채 만기는 2029년 4월 24일로 연장되었습니다.
새로운 만기 대출금은 다음과 같은 용도로 사용됩니다:
- 원래 7,500만 달러 만기 대출 중 남은 원금 7,360만 달러 상환
- 1억 2,100만 달러의 선순위 채권 잔액 상환
- 거래 비용으로 800만 달러를 대차대조표에서 사용
대출 금리는 SOFR에 700 베이시스 포인트 가산되며, 레버리지 수준에 따른 50bps 단계적 인하 조항이 포함되어 있습니다. TD Cowen이 독점 금융 자문사로 참여했으며, Kirkland & Ellis와 Cahill Gordon & Reindel이 법률 자문을 제공했습니다. 이번 재융자는 Synchronoss의 자본 구조를 강화하여 Personal Cloud 솔루션에 대한 추가 투자를 가능하게 하고 운영 유연성을 향상시킵니다.
Synchronoss Technologies a réussi une importante opération de refinancement de sa dette, en obtenant un nouveau prêt à terme de 200 millions de dollars sur quatre ans via TP Birch Grove. Ce refinancement prolonge l’échéance de la dette de l’entreprise jusqu’au 24 avril 2029.
Le nouveau prêt à terme sera utilisé pour rembourser :
- 73,6 millions de dollars de principal restant sur le prêt initial de 75 millions de dollars
- 121 millions de dollars restants des billets seniors
- 8 millions de dollars issus du bilan pour couvrir les coûts de la transaction
Le prêt est au taux de SOFR plus 700 points de base, avec une réduction unique de 50 points de base basée sur le levier financier. TD Cowen a agi en tant que conseiller financier exclusif, tandis que Kirkland & Ellis et Cahill Gordon & Reindel ont assuré le conseil juridique. Ce refinancement renforce la structure financière de Synchronoss, permettant d’investir davantage dans leur solution Personal Cloud tout en offrant une flexibilité opérationnelle accrue.
Synchronoss Technologies hat erfolgreich eine bedeutende Schuldenrefinanzierung abgeschlossen und sich über TP Birch Grove einen neuen 200-Millionen-Dollar-Vierjahresdarlehen gesichert. Die Refinanzierung verlängert die Fälligkeit der Unternehmensschuld bis zum 24. April 2029.
Das neue Term-Darlehen wird verwendet, um folgende Beträge zurückzuzahlen:
- 73,6 Millionen Dollar verbleibender Kapitalbetrag des ursprünglichen 75-Millionen-Dollar-Term-Darlehens
- 121 Millionen Dollar Restbetrag der Senior Notes
- 8 Millionen Dollar aus der Bilanz für Transaktionskosten
Das Darlehen ist mit SOFR plus 700 Basispunkten verzinst, mit einer einmaligen Reduzierung um 50 Basispunkte basierend auf der Verschuldungsquote. TD Cowen fungierte als exklusiver Finanzberater, während Kirkland & Ellis sowie Cahill Gordon & Reindel die rechtliche Beratung übernahmen. Diese Refinanzierung stärkt die Kapitalstruktur von Synchronoss und ermöglicht weitere Investitionen in ihre Personal Cloud-Lösung sowie eine verbesserte operative Flexibilität.
- Successfully secured new $200M four-year term loan extending debt maturity to 2029
- Eliminates near-term debt obligations by refinancing $73.6M term loan and $121M senior notes
- Improved capital structure provides greater operational flexibility
- Potential for interest rate reduction with 50bps leverage-based stepdown
- Higher interest rate at SOFR plus 700 basis points
- Required $8M cash outlay for transaction fees and payments
- Still carries substantial debt load of $200M
Insights
Synchronoss extends debt maturity to 2029 with $200M term loan, eliminating near-term refinancing risk and enhancing financial flexibility.
This refinancing represents a strategic financial restructuring that significantly extends Synchronoss Technologies' debt horizon. The company has successfully replaced its existing senior notes and term loan facilities with a $200 million four-year term loan maturing in April 2029, effectively eliminating near-term refinancing pressures.
The mechanics of the transaction involve using the proceeds to repay $73.6 million remaining from their original $75 million term loan and $121 million in outstanding senior notes. Additionally, Synchronoss is allocating $8 million from its balance sheet to cover transaction costs, including fees, call protection payments, and accrued interest.
The new facility is priced at SOFR plus 700 basis points, with one 50bps leverage-based stepdown opportunity. While this represents a meaningful interest expense, the company gains substantial breathing room by pushing maturity out to 2029.
From a capital structure perspective, this refinancing consolidates multiple debt instruments into a single facility, simplifying the company's liability profile. Management explicitly notes this transaction "significantly improves our capital structure," enabling further investment in their core Personal Cloud solution and providing enhanced operational flexibility.
The fact that TP Birch Grove, who also led their previous $75 million refinancing in 2024, is backing this transaction suggests continued lender confidence in Synchronoss's business model. In today's volatile financial markets, securing a four-year extension on debt obligations represents prudent treasury management and reduces near-term financial uncertainty.
BRIDGEWATER, N.J., April 29, 2025 (GLOBE NEWSWIRE) -- Synchronoss Technologies Inc. (“Synchronoss” or the “Company”) (Nasdaq: SNCR), a global leader and innovator in Personal Cloud platforms, announced that it has entered into an agreement with TP Birch Grove to refinance its existing senior notes and term loan facilities with a new
Proceeds from the Term Loan will be used to repay the remaining
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.
“We’re pleased to announce the successful completion of our new term loan facility, which allows us to retire our senior notes and extend the maturity of our debt obligation until 2029. This eliminates the near-term overhang associated with the now-retired senior notes and adds to the financial stability of the Company,” said Lou Ferraro, Chief Financial Officer of Synchronoss. “This refinancing significantly improves our capital structure, which in turn provides Synchronoss with the ability to further invest in our Personal Cloud solution as well as provide greater operational flexibility moving forward. Considering the volatility surrounding the financial markets at this time, we’re pleased to provide shareholders with an additional level of certainty in our operations. We’re also once again grateful to TP Birch Grove, who also led our
TD Cowen acted as Exclusive Financial Advisor to Synchronoss. Kirkland & Ellis, LLP served as legal counsel to Synchronoss. Cahill Gordon & Reindel LLP served as legal counsel to TP Birch Grove.
About Synchronoss
Synchronoss Technologies (Nasdaq: SNCR), a global leader in personal Cloud solutions, empowers service providers to establish secure and meaningful connections with their subscribers. Our SaaS Cloud platform simplifies onboarding processes and fosters subscriber engagement, resulting in enhanced revenue streams, reduced expenses, and faster time-to-market. Millions of subscribers trust Synchronoss to safeguard their most cherished memories and important digital content. Explore how our Cloud-focused solutions redefine the way you connect with your digital world at www.synchronoss.com.
Media Relations Contact:
Domenick Cilea
Springboard
dcilea@springboardpr.com
Investor Relations Contact:
Ryan Gardella
ICR for Synchronoss
SNCRIR@icrinc.com
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