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Quantum Purchases $5.4 Million of November 2017 Convertible Notes

SAN JOSE, Calif., Dec. 1, 2016 /PRNewswire/ -- Quantum Corp. (NYSE: QTM) today announced that, over the last month, it has purchased $5.4 million of its convertible notes due November 2017 at a discount in the open market. The discount on the notes, along with the associated interest savings, resulted in a 6.625 percent yield to the company. This represents a gain in excess of 350 basis points relative to Quantum's cost of capital under its $80 million revolving credit facility with PNC Bank.

Quantum Logo (PRNewsFoto/Quantum Corp.)

"We saw this as a good opportunity to repay a portion of our convertible notes on favorable terms," said Fuad Ahmad, senior vice president and CFO of Quantum. "If the remaining $64.6 million of convertible notes does not convert prior to the November 2017 due date, we plan to repay them using a combination of cash, the PNC credit facility and the $20 million delayed draw term loan we have with TCW Direct Lending."

About Quantum
Quantum is a leading expert in scale-out storage, archive and data protection, providing solutions for capturing, sharing and preserving digital assets over the entire data lifecycle. From small businesses to major enterprises, more than 100,000 customers have trusted Quantum to address their most demanding data workflow challenges. Quantum's end-to-end, tiered storage foundation enables customers to maximize the value of their data by making it accessible whenever and wherever needed, retaining it indefinitely and reducing total cost and complexity. See how at www.quantum.com/customerstories.

Quantum and the Quantum logo are registered trademarks of Quantum Corporation and its affiliates in the United States and/or other countries. All other trademarks are the property of their respective owners.

"Safe Harbor" Statement: This press release contains "forward-looking" statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Specifically, but without limitation, the statement that, if the remaining $64.6 million of convertible notes does not convert prior to the November 2017 due date, we plan to repay them using a combination of cash, the PNC credit facility and the $20 million delayed draw term loan we have with TCW Direct Lending, is a forward-looking statement within the meaning of the Safe Harbor. All forward-looking statements in this press release are based on information available to Quantum on the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause Quantum's actual results to differ materially from those implied by the forward-looking statements. More detailed information about these risk factors are set forth in Quantum's periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled "Risk Factors," in Quantum's Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 3, 2016 and in Quantum's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 4, 2016. Quantum expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Contact:
Brad Cohen
Public Relations
Quantum Corp.
+1 (408) 944-4044
[email protected]

Brinlea Johnson or Allise Furlani
Investor Relations
The Blueshirt Group
+1 (212) 331-8424 or +1 (212) 331-8433
[email protected] or [email protected]

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SOURCE Quantum Corp.

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