Company: TISI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000318833-25-000037
Chunk: 29

Company: TEAM INC
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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/31/202410.09%Interest paymentsmonthlyCash paid for interestYTD 3/31/2025$1,761YTD 3/31/2024$2,000Principal balance3/31/2025$85,88612/31/2024$77,905Unamortized balance of deferred financing cost3/31/2025$1,02612/31/2024$693Available amount at 3/31/2025$6,273As 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 at March 31, 2024 was 15.44% and cash paid for interest was $1.4 million during the quarters ended March 31, 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 March 31, 2025, we are in compliance with the covenants.As of March 31, 2025, $9.4 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 Loans (defined below),  we fully paid off the ME/RE Loans of $22.3 million provided to us pursuant to ABL Amendment No.3. ME/RE Loans were secured by a first priority lien and mortgage on certain real estate and machinery and equipment of the Company.    As of December 31, 2024, the ME/RE Loans had net carrying balance of $22.1 million, which consisted of the principal balance of $23.0 million less the unamortized balance of debt issuance cost of $0.9 million. The actual and effective interest rates at March 31, 2024 were 11.19% and 17.38%, respectively. Cash paid for interest during the quarters ended March 31, 2025 and 2024 was $0.6 million and $0.7 million, respectively.First Lien