Company: TISI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000318833-25-000070
Chunk: 36

Company: TEAM INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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 below (dollar amounts are presented in thousands): Maturity date10/2/2028Interest rateSOFR + applicable margin (or base rate + applicable margin)Actual interest rate9/30/20258.27%9/30/20249.57%Interest paymentsmonthlyCash paid for interestYTD 9/30/2025$6,012YTD 9/30/2024$5,964Principal balance9/30/2025$67,88612/31/2024$77,905Unamortized balance of deferred financing cost9/30/2025$1,08112/31/2024$693Available amount at 9/30/2025$36,459On March 12, 2025, using a portion of the proceeds from the Initial First Lien Term Loan (defined below), we fully repaid the delayed draw term loan of $35.0 million (the “Corre Delayed Draw Term Loan”) originally provided by Corre Partners Management, LLC (“Corre”) and certain of its affiliates, and the ME/RE Loans (described below) of $22.3 million provided by Eclipse and previously outstanding under the 2022 ABL Credit Agreement. As of December 31, 2024, the Corre Delayed Draw Term Loan had a net carrying balance of $34.8 million, which consisted of the principal balance of $35.0 million less the unamortized balance of debt issuance cost of $0.2 million. The actual interest rate as of September 30, 2024 was 15.32% and cash paid for interest was $1.4 million and $4.1 million, respectively, during the nine months ended September 30, 2025 and 2024.  The 2022 ABL Credit Agreement contains customary conditions to borrowings and covenants, as described in the 2022 ABL Credit Agreement. As of September 30, 2025, we are in compliance with the covenants.As of September 30, 2025, $9.5 million in letters of credit were issued under the 2022 ABL Credit Agreement. Such amounts remain undrawn and are off-balance sheet.  ME/RE LoansOn March 12, 2025, using a portion of the proceeds from the Initial First Lien Term Loan (defined below), we fully repaid the ME/RE Loans of