---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-154192"
form_type: "8-K"
ticker: "TISI"
cik: "0000318833"
company_name: "TEAM INC"
filed_at: "2023-05-25T23:59:59+00:00"
generated_at: "2026-06-14T15:05:33.386438+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-154192
- form_type: 8-K
- ticker: TISI
- cik: 0000318833
- company_name: TEAM INC
- filed_at: 2023-05-25T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/318833/000119312523154192/0001193125-23-154192-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/318833/000119312523154192/d468660d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-154192
- JSON: https://secwatch.observer/filing/0001193125-23-154192.json
- Plain text: https://secwatch.observer/filing/0001193125-23-154192.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.