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Synchronoss requests lender extension, quells cloud concerns; shares up nearly 20%

Published 06/22/2017, 02:30 PM
© Reuters.  Synchronoss requests lender extension, quells cloud concerns; shares up nearly 20%
  • Synchronoss (NASDAQ:SNCR) asks lenders for more time to deliver Q1 financial statements as required.
  • The company says the previously announced restatement of FY15 and FY16 statements has taken longer than expected and won’t finish before the end of the 30-day grace period. Synchronoss asks for an additional 60 days.
  • Agreeing lenders will receive 25 bps of fee payable on closing and the margin on the term loan will increase by the same amount.
  • Meanwhile, Synchronoss’ comments during the lender presentation have eased concerns about the company's cloud business.
  • According to The Fly, JPMorgan (NYSE:JPM) analyst Sterling Auty says the company listing AT&T (NYSE:T) and Verizon as current cloud customers should quell any cloud concerns.
  • Synchronoss shares are up 19.81%. .
  • Now read: Oracle (NYSE:ORCL): Another Blowout Quarter


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