Team Reveals Debt Refinancing, New Equity Investment

  • Team, Inc. TISI revealed a series of transactions in its effort to refinance capital structure.
  • The company replaced its current $150 million ABL facility dated December 18, 2020, with a new $165 million ABL credit facility.
  • The new facility consists of a $130 million revolving credit facility provided by Eclipse Business Capital, LLC and a $35 million delayed draw term loan facility provided by Corre Partners Management, LLC. This new ABL facility will mature on February 10, 2025.
  • Team also amended its existing credit agreements with its lending partners, Corre Partners and Atlantic Park Strategic Capital Fund, L.P., to provide additional liquidity to support seasonal working capital needs.
  • As part of the refinancing and concurrent with its closing, Corre Partners has completed a $10 million private placement equity investment in the company. Corre Partners has purchased 11.9 million Team shares at $0.84 per share, representing a premium of 20% over the 20–day average trading price of $0.70 per share.
  • In connection with its increased investment, Corre Partners has nominated Michael J. Caliel to serve as an independent director to Team's board.
  • Price Action: TISI shares are trading higher by 7.35% at $0.75 on the last check Friday.
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