SYNCHRONOSS ANNOUNCES PROPOSED US$120 MILLION PUBLIC OFFERING OF SENIOR NOTES

 

KUALA LUMPUR, June 25 (Bernama) -- Synchronoss Technologies Inc (Synchronoss) has announced that the Company intends to offer and sell, subject to market and other conditions, US$120 million aggregate principal amount of senior notes due 2026 in an underwritten public offering. (US$1 = RM4.155)

A global leader and innovator in cloud, messaging and digital products and platforms, Synchronoss also expects to grant the underwriters a 30-day option to purchase an additional US$5 million aggregate principal amount of senior notes in connection with the offering.

There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering, according to a statement.

Synchronoss and the senior notes both received a rating of BB- from Egan-Jones Ratings Company, an independent, unaffiliated rating agency.

All senior notes in the offering are to be sold by Synchronoss, with net proceeds of the offering, and of the anticipated offering of common stock and sale of Series B Preferred Stock, expected to be used to fully redeem all outstanding shares of Synchronoss’ Series A Convertible Participating Perpetual Preferred Stock and repay amounts outstanding under Synchronoss’ revolving credit facility.

B. Riley Securities Inc (BRS) is acting as the sole book-running manager for the offering. Northland Capital Markets, Aegis Capital Corp. and EF Hutton, division of Benchmark Investments LLC, are acting as lead managers for the offering.

Concurrently with the offering, the Company anticipates offering, by means of a separate prospectus supplement, US$100 million in shares of its common stock.

The senior notes described above are being offered by Synchronoss pursuant to a shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (SEC) and declared effective by the SEC on Aug 28, 2020.

A preliminary prospectus supplement relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s web site, while the final terms of the proposed offering will be disclosed in a final prospectus supplement to be filed with the SEC. 

-- BERNAMA