Synchronoss Technologies Inc. Announces Significant Debt Repayment Following CARES Act Tax Refund

Reuters07-24

Synchronoss Technologies Inc. Announces Significant Debt Repayment Following CARES Act Tax Refund

Synchronoss Technologies Inc., a leader in Personal Cloud platforms, has announced the receipt of a significant tax refund from the 2020 CARES Act, totaling $33.9 million, including $5.9 million in interest. The company has already received $30.2 million of this refund, with the remaining $3.7 million expected by Labor Day 2025. A substantial portion, 75% of the received proceeds, has been allocated to pay down the company's existing term loan, significantly improving its capital structure. This debt repayment is expected to result in annual interest savings of approximately $2.9 million. Once the final payment is applied, Synchronoss will have reduced its total debt to $173.4 million, with a cash reserve of about $30 million. The company anticipates further financial benefits, including a potential one-time interest rate reduction based on an improved debt leverage ratio.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Synchronoss Technologies Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001131554-25-000073), on July 24, 2025, and is solely responsible for the information contained therein.

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