Team Inc. raises $75M via preferred stock and warrants; repays debt and amends credit facilities

TEAM INC

• Issued Series B Preferred and warrants to Stellex for $75M; used $25M to repay ABL, ~$42.9M to repay second lien term loan.
• Up to $30M additional delayed draw available through Sept 2027; 30,000 more preferred shares issuable.
• ABL credit facility increased from $130M to $150M, maturity extended to Oct 2028; interest rate margin reduced.
• First lien and second lien term loan covenants amended; max First Lien Net Leverage Ratio raised to 6.00x through end of 2026.
• Stellex gets right to appoint two independent directors; voting agreement with 35% holder Corre supporting transactions.