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.

item 1.01 item 2.03 item 3.02 item 3.03 item 5.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.98

TEAM INC issued 75,000 shares of Series B Preferred Stock, plus initial warrants for 982,371 and 470,889 shares of common stock of preferred stock to InspectionTech Holdings LP (Stellex) for $75.0 million total consideration.

Security: preferred stock
Shares: 75,000 shares of Series B Preferred Stock, plus initial warrants for 982,371 and 470,889 shares of common stock
Purchaser: InspectionTech Holdings LP (Stellex)
Consideration: $75.0 million total consideration

Exact text from the filing

B Warrants,” and such Tranche B Warrants, the “Initial Tranche B Warrants” and, together with the Initial Tranche A Warrants, the “Initial Warrants”), for total consideration of $75.0 million. The closing of the payment and the issuance of the Initial Preferred Shares and the Initial Warrants (the “Initial Equity Issuance”) occurred simultaneously with the signing of

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TEAM INC filing history →

Source: SEC EDGAR

accession 0001193125-25-202462

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