---
schema_version: "secwatch.filing_event.v1"
accession: "0000318833-22-000085"
form_type: "8-K"
ticker: "TISI"
cik: "0000318833"
company_name: "TEAM INC"
filed_at: "2022-10-05T23:59:59+00:00"
generated_at: "2026-06-23T05:27:02.384327+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Team Inc. enters $21.4M LC facility and exchanges $57M convertible notes for term loans

## Summary
- Substitute insurance LC facility with 1970 Group up to $21.4M; expected to free ~$17.6M in liquidity.
- Exchanged ~$57M of 5.00% convertible senior notes (plus PIK interest) for term loans under Unsecured Term Loan.
- Amendment No. 8 increases Unsecured Term Loan total to ~$112.7M; extends $10M delayed draw availability to Dec 31, 2022.
- Remaining convertible notes outstanding ~$41.2M, paying 5.00% cash interest.

## SEC filing metadata
- accession: 0000318833-22-000085
- form_type: 8-K
- ticker: TISI
- cik: 0000318833
- company_name: TEAM INC
- filed_at: 2022-10-05T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/318833/000031883322000085/0000318833-22-000085-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/318833/000031883322000085/formprivatenoteexchangeand.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000318833-22-000085
- JSON: https://secwatch.observer/filing/0000318833-22-000085.json
- Plain text: https://secwatch.observer/filing/0000318833-22-000085.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.