180 Degree Capital Corp. Notes Opportunistic and Discounted Retirement of Preferred Stock and Repurchase of Notes by its Portfolio Company Synchronoss Technologies, Inc. (SNCR)

MONTCLAIR, N.J., July 01, 2024 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (NASDAQ: TURN) (“180 Degree Capital”) noted today the announcement by its portfolio company, Synchronoss Technologies, Inc. (SNCR), that SNCR has opportunistically retired at discounted prices its outstanding Series B Preferred Stock and $19.7 million of its outstanding 8.375% Senior Notes due 2026 (“Senior Notes”) funded by a new $75.0 million term loan with alternative credit manager, AS Birch Grove. SNCR reported that the combined transactions are expected to result in a $7.3 million improvement to its capital structure plus approximately $10.6 million in pre-tax cost savings. The announcement can be viewed at https://synchronosstechnologiesinc.gcs-web.com/news-releases/news-release-details/synchronoss-technologies-significantly-improves-capital.