Credit Facility for Overland

In Form 8-K, Overland Storage, Inc. published the following news:

Entry into a Material Definitive Agreement

On August 8, 2013, Overland Storage entered into an amendment to its Loan and Security Agreement with Silicon Valley Bank.

The Credit Facility, as amended by the Amendment, continues to provide for an $8,000,000 revolving line of credit. The Amendment extended the maturity date of the Credit Facility to August 7, 2015. It added a separate credit line of $750,000 for letters of credit, foreign exchange contracts and cash management, which is in addition to the existing $8,000,000 revolving line of credit. As a result, the $2,500,000 sublimit of the company’s revolving line of credit for letters of credit, foreign exchange contracts and cash management was removed.

Additionally, the Amendment replaced the term ‘Ratio Event’, as used throughout the Credit Facility, with a ‘Net Cash Event.’ A Net Cash Event will occur at any time that the company’s Net Cash is less than $500,000. Net Cash means the company’s unrestricted cash and cash equivalents at Silicon Valley Bank and its affiliates plus net Eligible Accounts (as defined in the Credit Facility) minus the outstanding principal amount of advances under the Credit Facility minus the face amount of letters of credit that have not been cash collateralized.

The foregoing summary of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, which the company expects to file as an exhibit to its quarterly report on Form 10-Q for the quarter ending September 30, 2013.