secwatch.observer — SEC 8-K summary
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Issuer:     TEAM INC (TISI)
CIK:        0000318833
Form:       8-K/A
Filed at:   2021-11-12T23:59:59+00:00
Accession:  0001193125-21-328090
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.03, 1.01, 3.02, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/318833/000119312521328090/0001193125-21-328090-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/318833/000119312521328090/d257284d8ka.htm
  HTML page:      https://secwatch.observer/filing/0001193125-21-328090

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