{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-23-169561","form_type":"8-K","ticker":"TISI","cik":"0000318833","company_name":"TEAM INC","filed_at":"2023-06-20T23:59:59+00:00","discovered_at":"2026-05-14T18:03:41.780820+00:00","generated_at":"2026-06-13T21:55:51.282222+00:00","sec_items":["1.01","2.03","7.01","9.01"],"event_type":"debt","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Team, Inc. closes $87.4M refinancing; extends debt maturities to 2025-2026","bullets":["New $57.5M senior secured first lien term loan from Corre Partners (12% cash interest; due Dec 2026).","New $27.4M term loan from Eclipse Business Capital secured by real estate/machinery (due Aug 2025).","Existing revolver amended to extend maturity to Aug 2025 and add $2.5M availability.","Proceeds used to repay $41M convertible notes due Aug 2023 and existing Atlantic Park term loan.","Board rights agreement gives Corre the right to nominate up to three directors and a chairperson."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-23-169561","json":"https://secwatch.observer/filing/0001193125-23-169561.json","markdown":"https://secwatch.observer/filing/0001193125-23-169561.md","text":"https://secwatch.observer/filing/0001193125-23-169561.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/318833/000119312523169561/0001193125-23-169561-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/318833/000119312523169561/d511396d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-13T21:55:51.282222+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"65f283fe8595dc3161c8f008334a7cf63c5c4927","claim":"TEAM INC amended credit facility of $57.5 million senior secured first lien term loan with Cantor Fitzgerald Securities at 12%, in cash maturing December 31, 2026.","evidence_excerpt":"Available funding commitments to the Company under the A&R Term Loan Credit Agreement, subject to certain conditions, include a $57.5 million senior secured first lien term loan (the “Incremental Term Loan”) provided by Corre Partners Management, LLC (“Corre” or the “Investor Representative”) and certain of its affiliates, consisting of a $37.5 million term loan tranche and a $20.0 million delayed draw term loan tranche.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/318833/000119312523169561/0001193125-23-169561-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Principal","value":"$57.5 million senior secured first lien term loan"},{"label":"Counterparty","value":"Cantor Fitzgerald Securities"},{"label":"Rate","value":"12%, in cash"},{"label":"Maturity","value":"December 31, 2026"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"},{"claim_id":"e99489532c103b077ce58b9ec808ced69174477d","claim":"TEAM INC amended credit facility of $123,129,318.84 at 12%, paid-in-kind maturing December 31, 2027.","evidence_excerpt":"As of the closing date of the A&R Term Loan Credit Agreement (the “Closing Date”), the aggregate principal amount of the Uptiered Loan is $123,129,318.84.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/318833/000119312523169561/0001193125-23-169561-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Principal","value":"$123,129,318.84"},{"label":"Rate","value":"12%, paid-in-kind"},{"label":"Maturity","value":"December 31, 2027"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"},{"claim_id":"c5824fc0bf00b450b7d0aa5631edad715f63b285","claim":"TEAM INC amended A&R Term Loan Credit Agreement with Corre Partners Management, LLC (effective 2023-06-16).","evidence_excerpt":"On June 16, 2023, Team, Inc. (the “Company”), entered into an amendment and restatement of that certain subordinated term loan credit agreement dated as of November 9, 2021 (as amended and restated, the “A&R Term Loan Credit Agreement”) among the Company, as borrower, the guarantors party thereto, the lenders from time to time party thereto and Cantor Fitzgerald Securities, as agent (the “A&R Term Loan Agent”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/318833/000119312523169561/0001193125-23-169561-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"amendment"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Corre Partners Management, LLC"},{"label":"Effective","value":"2023-06-16"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}