Team Inc. obtains covenant relief on $250M term loan; net leverage test suspended until Q2 2023

TEAM INC

Amendment No. 9 to Atlantic Park term loan waives net leverage ratio test until June 30, 2023, then set at 7.00x.
Amendment No. 10 to subordinated term loan provides identical covenant relief: no test until June 30, 2023, then 7.00x.
Both amendments executed Nov 4, 2022, contingent on each other's execution and other conditions.
Company reaffirms existing security interests and guarantees under the amended loan documents.

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 Subordinated Term Loan Amendment No. 10 with Cantor Fitzgerald Securities valued at Amendment No. 10 to Unsecured Term Loan Credit Agreement providing relief from maximum net leverage (effective 2022-11-04).

Action: amendment
Agreement: credit facility
Counterparty: Cantor Fitzgerald Securities
Value: Amendment No. 10 to Unsecured Term Loan Credit Agreement providing relief from maximum net leverage
Effective: 2022-11-04

Exact text from the filing

On November 4, 2022, the Company also entered into Amendment No. 10 (the “Subordinated Term Loan Amendment No. 10”) 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, and November 1, 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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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TEAM INC amended Term Loan Amendment No. 9 with Atlantic Park Strategic Capital Fund, L.P. valued at Amendment No. 9 to Term Loan Credit Agreement providing relief from maximum net leverage ratio coven (effective 2022-11-04).

Action: amendment
Agreement: credit facility
Counterparty: Atlantic Park Strategic Capital Fund, L.P.
Value: Amendment No. 9 to Term Loan Credit Agreement providing relief from maximum net leverage ratio coven
Effective: 2022-11-04

Exact text from the filing

On November 4, 2022, we entered into Amendment No. 9 to the Term Loan Credit Agreement (“Term Loan Amendment No. 9”), which amended the financial covenant under the Term Loan Credit Agreement to provide relief from the maximum net leverage ratio covenant thereunder such that it is not tested until the fiscal quarter ending June 30, 2023 and for each fiscal quarter thereafter at 7.00 to 1.00.

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23 material agreements filed in the last 30 days. Browse all material agreements →

TEAM INC filing history →

Source: SEC EDGAR

accession 0001193125-22-282609

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