Team, Inc. extends unsecured term loan maturity to Dec 2027 and draw period to Mar 2023

TEAM INC

Maturity extended from Dec 31, 2026 to Dec 31, 2027 under Amendment No. 11.
Availability period for Feb 2022 Delayed Draw Term Loan extended to Mar 31, 2023 (from Dec 31, 2022).
New tranche created for exchange of 5.00% Convertible Senior Notes due 2023; aggregate principal unchanged.
No increase in total outstanding amount under the Subordinated Term Loan.
Loan remains subordinate to Senior Credit Agreement per existing Subordination Agreement.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TEAM INC amended Amendment No. 11 (the “Subordinated Term Loan Amendment No. 11”) with Cantor Fitzgerald Securities, as agent (effective 2022-11-21).

Action: amendment
Agreement: credit facility
Counterparty: Cantor Fitzgerald Securities, as agent
Effective: 2022-11-21

Exact text from the filing

On November 21, 2022, Team, Inc. (the “Company”) entered into Amendment No. 11 (the “Subordinated Term Loan Amendment No. 11”) to that certain Unsecured Term Loan Credit Agreement, dated as of November 9, 2021 (as amended on November 30, 2021, December 6, 2021, December 7, 2021, December 8, 2021, February 11, 2022, May 6, 2022, June 28, 2022, October 4, 2022, November 1, 2022, and November 4, 2022 and as further amended from time to time, the “Subordinated Term Loan Credit Agreement”), among the Company, as borrower, the lenders from time to time party thereto and Cantor Fitzgerald Securities, as agent.

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Source: SEC EDGAR

accession 0000318833-22-000110

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