TEAM Inc. Files 8-K for Material Definitive Agreement

TL;DR

TEAM Inc. just signed a big deal, expect financial moves.

AI Summary

On September 30, 2024, TEAM, Inc. entered into a material definitive agreement, creating a direct financial obligation. The company, headquartered in Sugar Land, Texas, filed this 8-K report with the SEC detailing this significant event.

Why It Matters

This filing indicates a significant new financial commitment or contract for TEAM, Inc., which could impact its financial obligations and operational strategy.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements can introduce new financial risks or opportunities that require careful monitoring.

Key Players & Entities

• TEAM, Inc. (company) — Registrant
• September 30, 2024 (date) — Date of earliest event reported
• Sugar Land, Texas (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.30 — ange on which registered Common Stock, $0.30 par value TISI New York Stock Exchange
• $7,500,000 — n the ABL Credit Agreement) to be above $7,500,000, with such covenant applying only if th

Filing Documents

• tisi-20240930.htm (8-K) — 40KB
• a101amendmentno2tocorrecre.htm (EX-10.1) — 89KB
• a102amendmentno5toablcredi.htm (EX-10.2) — 2082KB
• a991pressrelease.htm (EX-99.1) — 11KB
• image_0.jpg (GRAPHIC) — 15KB
• 0000318833-24-000059.txt ( ) — 2698KB
• tisi-20240930.xsd (EX-101.SCH) — 2KB
• tisi-20240930_lab.xml (EX-101.LAB) — 22KB
• tisi-20240930_pre.xml (EX-101.PRE) — 13KB
• tisi-20240930_htm.xml (XML) — 3KB

01

Item 1.01 Entry into a Material Definitive Agreement. Amendment No. 2 to A&R Term Loan Credit Agreement On September 30, 2024, Team, Inc. (the "Company"), along with the guarantors party thereto, the lenders party thereto and Cantor Fitzgerald Securities, as Agent, entered into Amendment No. 2 to Amended and Restated Term Loan Credit Agreement ("Term Loan Amendment No. 2") to the Amended and Restated Term Loan Credit Agreement, dated June 16, 2023, by and among the Company, as Borrower, the lenders party thereto, the guarantors party thereto and Cantor Fitzgerald Securities, as Agent (as amended, the "A&R Term Loan Credit Agreement"). Term Loan Amendment No. 2 amended the A&R Term Loan Credit Agreement to, among other things, make conforming changes to the A&R Term Loan Credit Agreement, consistent with the changes being made to the ABL Credit Agreement (see below, under "Amendment No. 5 to ABL Credit Agreement"). The foregoing summary of Term Loan Amendment No. 2 does not purport to be complete and is subject to, and qualified in its entirety by, the full and complete text of Term Loan Amendment No. 2, a copy of which is attached hereto as Exhibit 10.1 and is incorporated by reference herein. Amendment No. 5 to ABL Credit Agreement On September 30, 2024, the Company, along with the guarantors party thereto, the lenders party thereto and Eclipse Business Capital LLC, as Agent, entered into Amendment No. 5 ("ABL Amendment No. 5") to the Credit Agreement, dated as of February 11, 2022, among the Company, as Borrower, the lenders from time to time party thereto, and Eclipse Business Capital, LLC, as Agent (as amended, the "ABL Credit Agreement"). ABL Amendment No. 5 amended the ABL Credit Agreement to, among other things (i) extend the scheduled maturity date from August 11, 2025 to September 30, 2027, (ii) amend the applicable margin for Delayed Draw Term Loans (as defined in the ABL Credit Agreement) from a flat rate of 10% for SOFR Loans (as defined in th

03

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

01

Item 7.01 Regulation FD Disclosure. On September 30, 2024, the Company issued a press release announcing that it had entered into Term Loan Amendment No. 2 and ABL Amendment No. 5. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. As provided in General Instruction B.2 of Form 8-K, the information in this Item 7.01 and Exhibit 99.1 furnished hereunder shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Financial Statements and Exhibits

Financial Statements and Exhibits (d) Exhibits. Exhibit number Description 10.1* Amendment No. 2 to Amended and Restated Term Loan Credit Agreement, dated as of September 30, 2024, by and among Team, Inc., as Borrower, the lenders party thereto, the guarantors party thereto and Cantor Fitzgerald Securities, as Agent. 10.2* Amendment No. 5 to Credit Agreement, dated as of September 30, 2024, among Team, Inc., as Borrower, the lenders from time to time party thereto, the guarantors party thereto and Eclipse Business Capital LLC. as Agent. 99.1 Team, Inc.'s Press Release issued September 30, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Certain schedules and similar attachments have been omitted in reliance on Item 601(a)(5) of Regulation S-K. The Company will provide, on a supplemental basis, a copy of any omitted schedule or attachment to the SEC or its staff upon request.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registran t has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TEAM, Inc. By: /s/ Nelson M. Haight Nelson M. Haight Executive Vice President, Chief Financial Officer Dated: October 01, 2024

View Full Filing

View this 8-K filing on SEC EDGAR