Quantum pays down $20 million of debt, amends revolver, term loan

By Rebecca Melvin

New York, April 26 – Quantum Corp. said it will repay $20 million of debt using proceeds from a $67. 5 million rights offering, according to a company release Tuesday.

The company has also entered into amendments to its amended and restated revolving credit and security agreement and amended term loan credit and security agreement.

The principal amount of revolving commitments was increased to $40 million from $30 million. Compliance with the fixed charge coverage ratio financial covenant was waived until the fiscal quarter ended March 31, 2025.

For both the revolver and the term loan, the levels of the total net leverage ratio financial covenant and the minimum liquidity financial covenant were amended commencing with the fiscal quarter ending June 30.

The storage and archive solutions company is based in San Jose, Calif.

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