Wells Fargo Amends Credit Agreement with Quantum
Quantum announced it amended its credit agreement with Wells Fargo Capital Finance 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.”