TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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August 9, 2021
Source: PR Newswire
New Senior Secured Term Loan Reduces Annual Interest Cash Payments by $4 Million and Provides Significant Covenant and Operating Flexibility
Quantum Corporation (NASDAQ: QMCO) announced today it has completed the refinancing of its senior secured term loan. Following a competitive proposal process, the Company remained with affiliates of the existing lenders and replaced the existing term loan facility with a new $100 million senior secured term loan that matures in 2026. The new facility bears an interest rate equal to LIBOR plus 600 basis points. Annual interest expense will be $7 million lower with the new debt as the amortization for debt costs is significantly lower than the previous term debt loan. The refinancing transaction will also allow for significant improvement in the former highly restrictive financial covenants and other operating restrictions.
Jamie Lerner, Chairman and CEO, Quantum, said, "We are extremely pleased to complete our refinancing, which represents the final step in our debt restructuring and replaces our prior high interest debt. This transaction enhances our financial flexibility and significantly reduces our annual debt service. Further, this refinancing demonstrates Quantum's commitment to operating with strong financial management, while continuing to solve customers' unstructured data storage challenges."
Additional information regarding the refinancing is included in a Form 8-K filed today with the U.S. Securities and Exchange Commission.
About Quantum
Quantum technology and services help customers capture, create and share digital content – and preserve and protect it for decades. With solutions built for every stage of the data lifecycle, Quantum's platforms provide the fastest performance for high-resolution video, images, and industrial IoT. That's why the world's leading entertainment companies, sports franchises, researchers, government agencies, enterprises, and cloud providers are making the world happier, safer, and smarter on Quantum. Quantum is listed on Nasdaq (QMCO) and was added to the Russell 2000® Index in 2020. For more information visit www.quantum.com.
Quantum and the Quantum logo are registered 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.