SAN JOSE, Calif., Aug. 13, 2015 /PRNewswire/ -- Quantum Corp.
(NYSE: QTM) today announced that it has amended its credit
agreement with Wells Fargo Capital Finance, LLC to provide
additional flexibility in using proceeds from loans under the
agreement to repay the $84 million in
convertible notes due Nov. 15, 2015.
Among other changes, the amendment increases the amount of foreign
accounts receivable and intellectual property assets included in
the borrowing base and modifies the maturity date.
"As we've previously stated, we have the resources to pay off
the convertible notes due this November and expect to utilize a
combination of our cash on hand, cash we generate from operations
and the $75 million revolver provided
for under the Wells Fargo credit agreement," said Linda Breard, senior vice president and CFO at
Quantum. "The credit agreement amendment announced today gives us
more freedom in determining the exact combination of resources we
will use to meet this obligation."
For additional information on the amended credit agreement,
please refer to Quantum's Form 8-K filing with the U.S. Securities
and Exchange Commission, dated Aug. 13,
2015.
About Quantum
Quantum is a leading expert in scale-out
storage, archive and data protection, providing solutions for
capturing, sharing and preserving digital assets over the entire
data lifecycle. From small businesses to major enterprises, more
than 100,000 customers have trusted Quantum to address their most
demanding data workflow challenges. With Quantum, customers can Be
Certain™ they have the end-to-end storage foundation to maximize
the value of their data by making it accessible whenever and
wherever needed, retaining it indefinitely and reducing total cost
and complexity. See how at www.quantum.com/customerstories.
Quantum, the Quantum logo and Be Certain are either registered
trademarks or trademarks of Quantum Corporation and its affiliates
in the United States and/or other
countries. All other trademarks are the property of their
respective owners.
"Safe Harbor" Statement: This press release contains
"forward-looking" statements. All statements other than statements
of historical fact are statements that could be deemed
forward-looking statements. Specifically, but without limitation,
statements relating to 1) benefits from amending Quantum's credit
agreement with Wells Fargo Capital Finance, LLC and 2) Quantum's
repayment of the convertible notes due Nov.
15, 2015, are forward-looking statements within the meaning
of the Safe Harbor. All forward-looking statements in this press
release are based on information available to Quantum on the date
hereof. These statements involve known and unknown risks,
uncertainties and other factors that may cause Quantum's actual
results to differ materially from those implied by the
forward-looking statements. More detailed information about these
risk factors are set forth in Quantum's periodic filings with the
Securities and Exchange Commission, including, but not limited to,
those risks and uncertainties listed in the section entitled "Risk
Factors," in Quantum's Annual Report on Form 10-K filed with the
Securities and Exchange Commission on June
12, 2015. Quantum expressly disclaims any obligation to
update or alter its forward-looking statements, whether as a result
of new information, future events or otherwise, except as required
by applicable law.
Contact:
Brad Cohen
Public Relations
Quantum Corp.
(408) 944-4044
brad.cohen@quantum.com
Brinlea Johnson or Allise
Furlani
Investor Relations
The Blueshirt Group
(212) 331-8424 or (212) 331-8433
brinlea@blueshirtgroup.com or allise@blueshirtgroup.com
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SOURCE Quantum Corp.