secwatch.observer — SEC 8-K summary
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Issuer:     TEAM INC (TISI)
CIK:        0000318833
Form:       8-K
Filed at:   2024-10-01T23:59:59+00:00
Accession:  0000318833-24-000059
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

TEAM extends ABL credit facility maturity to September 2027, improves pricing
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- Extended maturity of ABL revolver ($130M), term loan ($27.4M) and DDTL ($35M) from Aug 2025 to Sep 2027.
- Lowered interest margins: Revolver SOFR margin cut to 3.5%-4.25% (was 4.1%-4.6%); DDTL SOFR cut to 8.5%-10% (was flat 10%).
- Expanded borrowing base via increased advance rates; $7.5M minimum availability springing covenant if FCCR falls below thresholds.
- CEO says improved operations enabled better terms; ABL renewal is 'first step' toward further capital structure improvements.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/318833/000031883324000059/0000318833-24-000059-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/318833/000031883324000059/tisi-20240930.htm
  HTML page:      https://secwatch.observer/filing/0000318833-24-000059

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