Sphere 3D Corp. (NASDAQ: ANY) disclosed it has terminated its short-term loan facility struck with FBC Holdings S a.r.l. after repaying $5 million, its press statement said. The company also increased its current convertible debenture by $5 million with FBC.
According to the data management solutions provider, there were no significant changes in the terms and conditions of the refinancing facility. Sphere 3D indicated the debenture matures in 2018.
The company said the additional advance under the current convertible debenture with the lender constituted a "related party transaction." That comes under the Canadian Multilateral Instrument meaning. FBC is a division of Cyrus Capital Partners, L.P., which is acting as investment manager for some funds.
Sphere said a board resolution was passed to approve the transactions.
On Wednesday, the stock closed higher by 15.24 percent at $1.21.
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