8-K/A filed November 12, 2021, 6:59 PM ET ticker TISI CIK 0000318833

debt confidence high sentiment neutral materiality 0.75

Team Inc. secures $50M subordinated term loan at 12%, amends credit, appoints directors and interim CFO

TEAM INC

Borrowed $22.5M initial draw under $50M subordinated term loan; $27.5M expected Dec 8, 2021; up to $25M additional available.
12% interest rate; matures Dec 31, 2026; lenders get warrants for 5M shares at $1.50 or 18% preferred stock if approval fails.
Existing term loan amended: covenant waivers through Sep 30, 2022; APSC gets warrants for ~1.4M shares at $1.50.
Board reduced to 7; appointed Anthony Horton and Evan Lederman as directors; Sylvia Kerrigan named Lead Independent Director.
Matt Kvarda appointed Interim CFO, effective after Form 10-Q filing; strategic alternatives process to be launched.

item 2.03 item 1.01 item 3.02 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Anthony Horton

Director

TISI · TEAM INC

Effective: 2021-11-07
Filed: November 12, 2021, 6:59 PM ET

appointed Anthony Horton as a Director effective until the May 2022 annual meeting of shareholders

Appointed

Evan S. Lederman

Director

TISI · TEAM INC

Effective: 2021-11-07
Filed: November 12, 2021, 6:59 PM ET

appointed Evan S. Lederman as a Director effective until the May 2022 annual meeting of shareholders

Role change

Sylvia J. Kerrigan

Lead Independent Director

TISI · TEAM INC

Effective: 2021-11-07
Filed: November 12, 2021, 6:59 PM ET

designated Sylvia J. Kerrigan as the Lead Independent Director, effective immediately.

Appointed (interim)

Matt Kvarda

Interim Chief Financial Officer

TISI · TEAM INC

Filed: November 12, 2021, 6:59 PM ET

appointed Matt Kvarda, as Interim Chief Financial Officer of the Company, effective the later of November 12, 2021 or the date of the filing of the Company’s Form 10-Q

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Anthony Horton was appointed as Director at TEAM INC.

Action: appointed
Role: Director

Exact text from the filing

appointed Anthony Horton as a Director effective until the May 2022 annual meeting of shareholders

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Evan S. Lederman was appointed as Director at TEAM INC.

Action: appointed
Role: Director

Exact text from the filing

appointed Evan S. Lederman as a Director effective until the May 2022 annual meeting of shareholders

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Sylvia J. Kerrigan changed role as Lead Independent Director at TEAM INC.

Action: designated
Role: Lead Independent Director

Exact text from the filing

designated Sylvia J. Kerrigan as the Lead Independent Director, effective immediately.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.9

Matt Kvarda was appointed as Interim Chief Financial Officer at TEAM INC.

Action: appointed
Role: Interim Chief Financial Officer

Exact text from the filing

appointed Matt Kvarda, as Interim Chief Financial Officer of the Company, effective the later of November 12, 2021 or the date of the filing of the Company’s Form 10-Q

View on SEC.gov

TEAM INC filing history →

Source: SEC EDGAR

accession 0001193125-21-328090

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