TEAM INC (TISI): debt financing — Team, Inc. closes $225M refinancing; lowers cost of capital, extends maturities to 2030

TEAM INC

Closed $175M first lien term loan (SOFR + 6.0-7.0%) and $50M delayed draw facility, both maturing March 2030.
Rolled over $97.4M into new second lien term loan (13.5% initial rate) maturing June 2030; blended rate improved >100 bps.
Proceeds repaid $35M ABL delayed draw, $22.3M equipment/real estate loans, $46.3M incremental term loan and $54.1M of existing term loan.
Existing ABL facility with Eclipse Business Capital continues; amended to permit the refinancing.
CEO cites improved operating performance and cash flow as key to completing the transaction.

item 1.01 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

TEAM INC incurred term loan of $107,413,198.18 second lien term loan with Corre Partners Management, LLC.

Instrument: term loan
Principal: $107,413,198.18 second lien term loan
Counterparty: Corre Partners Management, LLC
Event: incurrence

Exact text from the filing

Available funding commitments to the Company under the Second A&R Second Lien Term Loan Agreement, subject to certain conditions, include a $107,413,198.18 second lien term loan (the "Second Lien Term Loans") provided by Corre Partners Management, LLC and certain of its affiliates

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

TEAM INC incurred term loan of $225 million senior secured first lien term loan with HPS Investment Partners, LLC at Secured Overnight Financing Rate ... plus a margin of 6.50% per annum maturing March 12, 2030.

Instrument: term loan
Principal: $225 million senior secured first lien term loan
Counterparty: HPS Investment Partners, LLC
Rate: Secured Overnight Financing Rate ... plus a margin of 6.50% per annum
Maturity: March 12, 2030
Event: incurrence

Exact text from the filing

Available funding commitments to the Company under the First Lien Term Loan Agreement include a $225 million senior secured first lien term loan (the "First Lien Term Loan") consisting of a $175 million initial term loan tranche (the "Initial First Lien Term Loans") and a $50 million delayed draw term loan tranche (the "First Lien Delayed Draw Term Loans")

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7 debt financings filed in the last 30 days. Browse all debt financings →

TEAM INC filing history →

Source: SEC EDGAR

accession 0001193125-25-053470

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