secwatch.observer — SEC 8-K summary
======================================

Issuer:     TEAM INC (TISI)
CIK:        0000318833
Form:       8-K
Filed at:   2022-11-10T23:59:59+00:00
Accession:  0001193125-22-282609
Event type: debt
Sentiment:  negative
Materiality: 0.65
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/318833/000119312522282609/0001193125-22-282609-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/318833/000119312522282609/d418227d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-282609

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