Quantum draws $66 million from revolver for convertibles repayment

By Susanna Moon

Chicago, Oct. 6 – Quantum Corp. said it repaid some convertible notes using a drawdown of about $66 million from its $75 million revolving credit facility with Wells Fargo Capital Finance, LLC.

The company repaid $81 million of convertible notes due Nov. 15, 2015 at par plus about $1 million in interest on Oct. 5, according to a press release.

In addition, Quantum said it used about $16 million of its more than $60 million cash on hand to cover about $15 million of notes plus interest.

The company said it will repay holders of the remaining $3 million of the convertibles no later than the Nov. 15 maturity date.

Quantum is a San Jose, Calif.-based storage company that provides backup, recovery and archive solutions for customers ranging from small businesses to multinational enterprises.

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