Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 89

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 89
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, 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. Available funding commitments to us under the 2022 ABL Credit Agreement, subject to certain conditions, include a revolving credit line in an amount of up to $130.0 million to be provided by certain affiliates of Eclipse, with a $35.0 million sublimit for swingline borrowings, and a $26.0 million sublimit for issuances of letters of credit (the “Revolving Credit Loans”).           The terms of the Revolving Credit Loans are described in the table below (dollar amounts are presented in thousands): 

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Maturity date9/30/2027Interest rateSOFR + applicable margin (base + applicable margin)Actual interest rate6/30/20258.69%6/30/202410.09%Interest paymentsmonthlyCash paid for interestYTD 6/30/2025$3,801YTD 6/30/2024$3,816Principal balance6/30/2025$97,88612/31/2024$77,905Unamortized balance of deferred financing cost6/30/2025$98812/31/2024$693Available amount at 6/30/2025$22,669As 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 June 30, 2024 was 15.44% and cash paid for interest was $1.4 million and $2.7 million, respectively, during the six months ended June 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 June 30, 2025, we are in compliance with the covenants.As of June 30, 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/