secwatch.observer — SEC 8-K summary
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Issuer:     TEAM INC (TISI)
CIK:        0000318833
Form:       8-K
Filed at:   2025-09-15T23:59:59+00:00
Accession:  0001193125-25-202462
Event type: other_material
Sentiment:  positive
Materiality: 0.90
Item codes: 1.01, 2.03, 3.02, 3.03, 5.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/318833/000119312525202462/0001193125-25-202462-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/318833/000119312525202462/d39655d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-202462

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