SUGAR LAND, Texas, March 13, 2025 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE:TISI) ("TEAM" or the "Company"), a global, leading provider of specialty industrial services offering clients access to a full suite of conventional, specialized, and proprietary mechanical, heat-treating, and inspection services, today announced that it has successfully closed on a refinancing transaction (the "Transaction") that lowers the Company's cost of capital and terms out its capital structure.

The Transaction consists of a First Lien Term Loan Facility (the "First Lien Facility") provided by HPS Investment Partners, LLC ("HPS") that matures in March 2030 and is comprised of a funded $175.0 million Term Loan and a $50.0 million Delayed Draw Term Loan available to the Company subject to satisfying certain conditions. The First Lien Facility bears interest at the Secured Overnight Financing Rate (SOFR) plus an interest rate spread of between 6.0% and 7.0%, delivering more than a 100 basis point improvement in the Company's blended interest rate, and was used to repay:

the Company's $35 million delayed draw term loan and $22.3 million equipment and real estate loans under its ABL credit agreement

the Company's $46.3 million senior secured incremental term loan provided by Corre Partners Management, LLC ("Corre")

$54.1 million of the Company's existing senior secured term loan provided by Corre

In conjunction with the Transaction, the Company also rolled over all remaining outstanding debt under the existing senior secured term loan into a new $97.4 million Second Lien Term Loan provided by Corre and maturing in June 2030. As part of the Transaction, the Company's existing ABL credit facility provided by Eclipse Business Capital ("Eclipse") will continue ...