secwatch.observer — SEC 8-K summary
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Issuer:     TEAM INC (TISI)
CIK:        0000318833
Form:       8-K
Filed at:   2022-10-05T23:59:59+00:00
Accession:  0000318833-22-000085
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/318833/000031883322000085/0000318833-22-000085-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/318833/000031883322000085/formprivatenoteexchangeand.htm
  HTML page:      https://secwatch.observer/filing/0000318833-22-000085

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