secwatch.observer — SEC 8-K summary
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Issuer:     TEAM INC (TISI)
CIK:        0000318833
Form:       8-K
Filed at:   2025-03-13T23:59:59+00:00
Accession:  0001193125-25-053470
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 $225M refinancing; lowers cost of capital, extends maturities to 2030
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/318833/000119312525053470/0001193125-25-053470-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/318833/000119312525053470/d935596d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-053470

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