SYNCHRONOSS ANNOUNCES US$125 MILLION PUBLIC OFFERING OF SENIOR NOTES PRICING

KUALA LUMPUR, June 28 (Bernama) -- Synchronoss Technologies Inc (Synchronoss) recently announced the pricing of an underwritten public offering of US$125 million aggregate principal amount of 8.375 per cent senior notes due 2026, including the exercise in full by the underwriters of the underwriters’ option to purchase an additional US$5 million aggregate principal amount of senior notes. (US$1 = RM4.148)

Synchronoss, a global leader and innovator in cloud, messaging and digital products and platforms, in a statement said the offering was expected to close on or about June 30, subject to satisfaction of customary closing conditions.

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

The Company has applied to list the senior notes on the Nasdaq Global Select Market under the symbol ‘SNCRL’ and expects the notes to begin trading within 30 business days of the closing date of the offering, if approved.

All of the senior notes in the offering are being sold by Synchronoss.

Synchronoss anticipates using the net proceeds from the offering, and from the offering of common stock and sale of Series B Preferred Stock, 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 is offering, by means of a separate prospectus supplement, US$100 million of 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.

-- BERNAMA