Quantum obtains waivers for Dec 2023 covenant non-compliance; lenders impose operational advisor and milestones

QUANTUM CORP /DE/

Term Loan and Revolver credit agreements amended: Dec 31, 2023 leverage covenant not tested; GAAP reporting waived for Q3 FY24 and certain months.
Company must engage an operational advisor by Feb 29, 2024 and make substantial progress on business initiatives by March 31, 2024.
Weekly management calls with lenders required; board may need to appoint a new independent director at lenders' request.
Failure to meet these conditions constitutes an immediate Event of Default under the credit agreements.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

QUANTUM CORP /DE/ amended Revolver Amendment and Waiver with PNC Bank, National Association (effective 2024-02-14).

Action: amendment
Agreement: credit facility
Counterparty: PNC Bank, National Association
Effective: 2024-02-14

Exact text from the filing

On February 14, 2024, the Company entered into an amendment and waiver (the “Revolver Amendment and Waiver”) to the Amended and Restated Revolving Credit and Security Agreement, dated as of December 27, 2018

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

QUANTUM CORP /DE/ amended Term Loan Amendment and Waiver with Blue Torch Finance LLC (effective 2024-02-14).

Action: amendment
Agreement: credit facility
Counterparty: Blue Torch Finance LLC
Effective: 2024-02-14

Exact text from the filing

On February 14, 2024, Quantum Corporation (the “Company”) entered into an amendment and waiver (the “Term Loan Amendment and Waiver”) to the Term Loan Credit and Security Agreement, dated as of August 5, 2021

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QUANTUM CORP /DE/ filing history →

Source: SEC EDGAR

accession 0001193125-24-039984

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