secwatch.observer — SEC 8-K summary
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Issuer:     TEAM INC (TISI)
CIK:        0000318833
Form:       8-K
Filed at:   2023-06-20T23:59:59+00:00
Accession:  0001193125-23-169561
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Team, Inc. closes $87.4M refinancing; extends debt maturities to 2025-2026
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/318833/000119312523169561/0001193125-23-169561-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/318833/000119312523169561/d511396d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-169561

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