secwatch.observer — SEC 8-K summary
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Issuer:     TEAM INC (TISI)
CIK:        0000318833
Form:       8-K
Filed at:   2023-05-25T23:59:59+00:00
Accession:  0001193125-23-154192
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/318833/000119312523154192/0001193125-23-154192-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/318833/000119312523154192/d468660d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-154192

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