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Published in Stocks and Investing on Tuesday, May 12th 2009 at 20:57 GMT, Last Modified on 2009-05-12 20:59:31 by Market Wire
SAN JOSE, CA--(Marketwire - May 12, 2009) - Quantum Corp. (
Quantum also announced today that it is decreasing the aggregate principal amount of Notes it is offering to purchase pursuant to the tender offer from $135 million to $117 million. To the extent that acceptances of all validly tendered Notes would require Quantum to purchase more than $117 million in aggregate principal amount of Notes in the tender offer, Quantum will allocate acceptances on a pro rata basis among the tendering noteholders. In addition, Quantum announced today that it is waiving the minimum tender condition to consummation of the tender offer. Previously, acceptance for payment of any Notes in the tender offer was conditioned upon the valid tender (without proper withdrawal) of a minimum of $135 million in aggregate principal amount of Notes. As a result of the waiver, Quantum will accept for payment all Notes that are validly tendered and not properly withdrawn in the tender offer, up to a maximum of $117 million in aggregate principal amount, and subject to the remaining terms and conditions of the tender offer.
Except for the new terms announced today, all terms and conditions of the tender offer remain unchanged. The complete terms and conditions of the tender offer are set forth in an Offer to Purchase, dated March 27, 2009, and the related Letter of Transmittal, each as amended or supplemented from time to time.
As of 5:00 p.m. EDT today, approximately $27 million in aggregate principal amount of Notes have been validly tendered and not properly withdrawn pursuant to the tender offer.
Quantum has retained Credit Suisse to act as the dealer manager for the tender offer, which can be contacted at (212) 325-2000. Requests for the Offer to Purchase and other documents relating to the tender offer may be directed to Global Bondholder Services Corporation, the information agent, which can be contacted at (212) 430-3774 (for banks and brokers only) or (866) 488-1500 (for all others toll-free).
Neither Quantum, nor any member of its Board of Directors, nor the dealer manager nor the information agent is making any recommendation to noteholders as to whether to tender or refrain from tendering their Notes into the tender offer. Noteholders must decide whether they will tender in the offer and, if so, how many Notes they will tender.
This release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell the Notes or any other securities. The tender offer is only being made pursuant to the tender offer documents, including the Offer to Purchase and the related Letter of Transmittal that Quantum is distributing to noteholders. The tender offer is not being made to noteholders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.
About Quantum
Quantum Corp. (
Quantum and the Quantum logo are trademarks of Quantum Corporation registered in the United States and 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, statements implying that Quantum will successfully consummate the tender offer and purchase any outstanding Notes as described above are forward-looking statements 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, and Quantum assumes no obligation to update any such forward-looking statements. 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. These risks include the risk that closing conditions for the EMC loan or the repurchase of Quantum's convertible debt are not satisfied as well as the risks 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 "Management's Discussion and Analysis of Financial Condition and Results of Operations -- Risk Factors," in Quantum's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on February 9, 2009 and in Quantum's Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 13, 2008. Quantum expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
