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.

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