secwatch.observer — SEC 8-K summary
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Issuer:     TEAM INC (TISI)
CIK:        0000318833
Form:       8-K
Filed at:   2021-11-12T23:59:59+00:00
Accession:  0001193125-21-327218
Event type: debt
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 3.02, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Team Inc. secures $50M subordinated term loan at 12% interest, warrants at $1.50
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- $50M unsecured subordinated term loan; $22.5M drawn at close, $27.5M expected Dec 8, 2021.
- 12% annual interest; matures Dec 31, 2026 or two weeks after 2020 term loan maturity.
- Warrants to purchase 5M shares at $1.50/strike; existing warrants amended to same strike price.
- Board reduced to 7 directors, two appointed by Corre Partners, one by APSC; Sylvia Kerrigan named lead independent director.
- Anthony Horton and Evan Lederman appointed as directors; Matt Kvarda named interim CFO.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/318833/000119312521327218/0001193125-21-327218-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/318833/000119312521327218/d257284d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-21-327218

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer