Team, Inc. secures $87.4M in new financing to refinance convertible notes and term loan

TEAM INC

Committed $57.5M 12% senior secured first lien term loan from Corre Management Partners, due Dec 2026, comprising $37.5M tranche and $20M delayed draw tranche.
Committed $27.4M eclipse term loan secured by real estate and equipment, maturing Aug 2025; revolver extended to Aug 2025 with an extra $2.5M availability.
Proceeds will repay $41M of convertible notes due Aug 2023 and the existing senior secured term loan with Atlantic Park Strategic Capital Fund.
CEO expects the refinancing to remediate the going concern disclosure from the 2022 annual report and support turnaround plan.

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