180 Degree Capital Corp. (TURN) noted the announcement by its portfolio company, Synchronoss Technologies (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 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.
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