Sphere 3D Announces Amendment of Opus Credit Agreement to Extend Maturity Date of Credit Facilities to March 31, 2018
September 21 2017 - 7:00AM
Sphere 3D Corp. (NASDAQ:ANY), a containerization, virtualization
and data management solutions provider, today announced the
execution of Amendment Number Seven to Credit Agreement, Waiver and
Reaffirmation (the “Amendment”) by and among Overland Storage,
Tandberg Data GmbH and Opus Bank (“Opus”). Pursuant to the
Credit Agreement dated April 6, 2016, Opus initially provided a $10
Million revolving credit facility and a $10 Million term loan
facility. Under the terms of the Amendment, among other
things, the maturity date for the revolving and term loan credit
facilities was amended from October 31, 2017 to March 31, 2018,
subject to certain events of acceleration.
The foregoing description of the Amendment does
not purport to be complete, and is qualified in its entirety by
reference to the Amendment, which is attached as Exhibit 99.1 to
the Form 6-K filed by the Company with the Securities and Exchange
Commission on September 20, 2017.
About Sphere 3DSphere 3D
Corp. (NASDAQ:ANY) delivers containerization, virtualization,
and data management solutions via hybrid cloud, cloud and
on-premise implementations through its global reseller network and
professional services organization. Sphere 3D, along
with its wholly owned subsidiaries Overland Storage
and Tandberg Data, has a strong portfolio of brands,
including Overland-Tandberg, HVE ConneXions and UCX
ConneXions, dedicated to helping customers achieve their IT goals.
For more information, visit www.sphere3d.com. Follow us on
Twitter @Sphere3D, @HVEconneXions and @ovltb
Investor Contact:The Blueshirt GroupLauren
SloaneTel: +1 415-217-2632lauren@blueshirtgroup.com
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