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.
See more from Benzinga
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.