Overland Storage Closes $5 Million Receivable Financing Deal
Under the terms of the agreement, FGI may finance up to $5 million of Overland's foreign accounts receivable to provide the company with accelerated liquidity. The term of the agreement is two years with annual renewals thereafter.
Overland CEO Eric Kelly said that the deal with FGI for foreign receivables complements a $9 million domestic receivable financing with Marquette Commercial Finance that was put in place last November.
He added, "It also is reflective of the fact that approximately 40 percent of our branded revenues are generated outside of North America. We believe that together these two financing arrangements will allow us to continue our recovery and execute our strategy."
FGI Finance is a commercial finance firm with clients in over 60 countries around the world. The company focuses on middle market companies, and provides various financial products, business loans and financial services.
San Diego-based Overland Storage provides end-to-end data protection solutions across networked storage, media types, and multi-site environments. The company sells its products through OEMs, commercial distributors, storage integrators and value-added resellers.
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