Synchronoss Technologies (SNCR) said Tuesday it refinanced its existing senior notes and term loan facilities with a new four-year, $200 million term loan in an agreement with TP Birch Grove.
The term loan has a maturity date of April 24, 2029, and is priced at the Secured Overnight Financing Rate plus 700 basis points, with one 50-basis-point leverage-based stepdown, the company said.
Synchronoss said it will use the proceeds from the new facility to repay the remaining $73.6 million principal of its original $75 million term loan and the $121 million outstanding under its senior notes.
The company also plans to contribute about $8 million from its balance sheet to complete the transaction, covering fees, call protection payments, and accrued interest.
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