Synchronoss Technologies (SNCR +0.6%) has secured two working capital facilities to provide additional liquidity and flexibility.
The company has closed on a three-year $10M senior secured line of credit with Citizens Bank N.A. The proceeds of the line of credit will be used for general corporate purposes.
The company has also entered a Supply Chain Financing program with Citibank N.A. that enables the company to accelerate cash collections by selling receivables to Citibank on a non-recourse basis, which is expected to provide, on average, between $15-20M of additional liquidity for the company.
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