Quantum Pays Down $20M of Senior Debt and Refinances Remaining $49M on Improved Terms
Quantum Corp. (NYSE: QTM) today announced that it has paid down $20 million of its senior debt and refinanced the remaining $49 million as part of a new 5-year credit agreement with Wells Fargo Capital Finance, LLC.
That agreement includes a $55 million revolving line of credit and a $20 million revolver sub-facility, with terms that give Quantum greater operational flexibility. In addition, the refinancing is expected to save the company approximately $2 million in annual interest expense and bank fees, beginning with fiscal year 2013 (starts April 1, 2012).
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.