Sphere 3D (Overland Storage and Tandberg Data) complete $20 million debt financing

Sphere 3D Corp., parent company of Overland Storage and Tandberg Data, has entered into a $20 million debt financing, consisting of a $10 million revolving credit facility and a $10 million term loan facility, with Opus Bank.

Eric Kelly, chairman and CEO, Sphere 3D, commented: "We are coming off a year where we have undertaken a significant transformation and have positioned the company for growth in 2016. In preparing for this growth, we are excited to have the opportunity to partner with Opus Bank, whose strength, leadership and experience in working with leading technology companies, provides us with the necessary foundation to capitalize on our opportunities."

Kevin McBride, senior MD and head of the technology banking division at Opus Bank, stated: "Sphere 3D has developed differentiated hybrid cloud solutions and partnered with leading global technology companies to help organizations modernize their IT infrastructure in a flexible and affordable way."

He added: "The senior debt solution provided by Opus Bank is an example of Opus' technology experience and capability to deliver needed financing to middle-market technology companies like Sphere 3D. Opus is pleased to have the opportunity to become Sphere 3D's lead commercial bank."
Opus Bank's technology banking division serves later stage, venture-backed, private equity, and public middle-market technology companies that focus on IP, software, hardware, and IT services.