Overland Announces Debt Holders Convert $10.7 Million of Debt Into Equity at $1.30 per Share
November 12 2013 - 5:30AM
Marketwired
Overland Announces Debt Holders Convert $10.7 Million of Debt Into
Equity at $1.30 per Share
SAN DIEGO, CA--(Marketwired - Nov 12, 2013) - Overland Storage
(NASDAQ: OVRL), a trusted global provider of effortless data
management and data protection solutions across the data lifecycle,
today announced that as part of its agreement to acquire Tandberg
Data Holdings S.à r.l., funds affiliated with Cyrus Capital
Partners, L.P., the indirect owner of Tandberg, and other
convertible debt holders have converted approximately $10.7 million
of their outstanding convertible debt into shares of Overland
common stock at a price of $1.30 per share.
About Overland Storage Overland Storage is a trusted global
provider of effortless data management and data protection
solutions across the data lifecycle. By providing an integrated
range of technologies and services for primary, nearline, offline,
archival, and cloud data storage, Overland makes it easy and cost
effective to manage different tiers of information over time.
Whether distributed data is across the hall or across the globe,
Overland enables companies to focus on building their business
instead of worrying about data growth. Overland SnapScale,
SnapServer, SnapSAN, NEO Series and REO Series solutions are
available through a select network of value added resellers and
system integrators. For more information, visit
www.overlandstorage.com.
Connect with Overland Storage: Read the Overland blog:
http://overlandstorage.com/blog Follow Overland on Twitter:
http://www.twitter.com/OverlandStorage Visit Overland on Facebook:
http://www.facebook.com/OverlandStorage
Overland Storage, SnapSAN, SnapServer, NEO Series, REO
Series and the Overland logo are trademarks of Overland Storage,
Inc., that may be registered in some jurisdictions. All other
trademarks used are owned by their respective owners.
Investor Relations Contact: Todd Kehrli or Jim Byers MKR Group
Inc. 323-468-2300 ovrl@mkr-group.com
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