SOURCE: Quantum Corporation
SAN JOSE, CA--(Marketwired - Apr 29, 2014) - Quantum Corp. (NYSE: QTM) today announced it has amended its credit agreement with Wells Fargo Capital Finance, LLC to allow proceeds from loans under the agreement to be used to repay its convertible notes, including the notes due Nov. 15, 2015. In addition, the amended agreement increases the amount available to Quantum for borrowing under the agreement from $55 million to $75 million and extends the availability of the credit line through March 29, 2017.
"We're pleased that we've been able to amend our credit agreement to provide greater flexibility in how we manage our convertible debt," said Linda Breard, senior vice president and CFO at Quantum. "The ability to use the credit line to repay our convertible notes and the increased borrowing limit -- along with our cash generation capabilities -- speak to the continued strengthening of our balance sheet."
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 April 29, 2014.
Quantum is a leading expert in scale-out storage, archive and data protection, providing solutions for capturing, sharing, transforming 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 our ability to use our credit line to repay the convert 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. These risks include operational difficulties, unforeseen technical limitations, unexpected changes in market conditions and unanticipated changes in customers' needs or requirements, as well as the risks 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 Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on February 7, 2014 and in Quantum's Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 7, 2013. Quantum expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.