Quantum Corp. (NYSE: QTM) has agreed with PNC Bank and TCW Direct Lending on a USD170 million financing package consisting of:
An USD80 million revolving credit facility and an additional USD20 million credit line available under an accordion feature, both with PNC.
A USD50 million term loan with TCW that will be drawn upon closing.
A USD20 million delayed draw term loan with TCW available through Dec. 31, 2017.
Quantum will use the proceeds of the financing to pay off the approximately USD60 million drawn on its former revolving credit facility with Wells Fargo Capital Finance and to address Quantum´s USD70 million of convertible notes maturing in November 2017. In addition, the company will use the financing for general working capital purposes.
Craig-Hallum Capital Group LLC served as exclusive placement agent in connection with the transaction.
Quantum provides in scale-out storage, archive and data protection, providing solutions for capturing, sharing and preserving digital assets over the entire data lifecycle.