Quantum enters $25M DDTL facility, amends term loans, issues 7.6M warrants; CFO Gianella named COO

QUANTUM CORP /DE/

New $25M delayed draw term loan facility with 12-14% SOFR + 6-8% PIK; matures Aug 5, 2026; amortizes at 5% from Sep 30, 2025.
Issued warrants for 7,606,169 shares at $0.31 to term loan lenders; exercise price lowered on existing warrants covering 8,614,214 shares.
Initial term loan interest rate set at 9.75% SOFR + 3.75% PIK with step-up/step-down based on net leverage ratio.
Maximum total net leverage ratio covenant not tested until June 30, 2025; new minimum EBITDA covenant set for Dec 31, 2024 and Mar 31, 2025.
CFO Kenneth P. Gianella appointed COO effective Aug 13, 2024, as required by the Term Loan Amendment.

item 1.01 item 5.02 item 9.01

Executive movements

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Role change

Kenneth P. Gianella

Chief Operating Officer

QMCO · QUANTUM CORP /DE/

Effective: 2024-08-13
Filed: August 14, 2024, 7:59 PM ET

appointed Kenneth P. Gianella, the Chief Financial Officer of the Company, to also serve as the Chief Operating Officer of the Company, effective August 13, 2024.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Kenneth P. Gianella was appointed as Chief Operating Officer at QUANTUM CORP /DE/.

Action: appointed
Role: Chief Operating Officer

Exact text from the filing

appointed Kenneth P. Gianella, the Chief Financial Officer of the Company, to also serve as the Chief Operating Officer of the Company, effective August 13, 2024.

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QUANTUM CORP /DE/ filing history →

Source: SEC EDGAR

accession 0001193125-24-200315

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