Quantum Corporation announced it repaid approximately $81 million in convertible notes due November 15, 2015, at par, and approximately $1 million in interest.

To repay the notes – all of which were held by one holder – Quantum said it used approximately $66 million from its revolving $75 million credit facility with Wells Fargo Capital Finance. In addition, Quantum used approximately $16 million of the more than $60 million it had in total cash on hand to cover approximately $15 million in notes plus interest.

Quantum said it will repay holders of the remaining $3 million of the convertible notes no later than the November 15 maturity date.

“We’re pleased that we’ve repaid nearly all of our November 2015 convertible notes and that we had strong demand for our solutions in Q2,” said Jon Gacek, president and CEO of Quantum. “Our scale-out storage momentum continued, and we also saw an uptick in data protection revenue from Q1, including tape revenue. While we are disappointed that we were unable to get everything shipped during the quarter, the strong customer demand speaks to the power of our offerings and the value we deliver. Looking ahead, we remain optimistic about our business and continue to target full-year scale-out storage revenue growth of 50 percent. Finally, although these are only preliminary results, we expect to have generated cash from operations and increased total cash for Q2.”