Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 33

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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First Lien Term Loan1166,474 — 2025 Second Lien Term Loan198,065 — ME/RE Loans1— 22,119 Corre Uptiered Loan1— 143,955 Corre Incremental Term Loan1— 39,824 Equipment Finance Loan437 1,399 Total 362,862 319,968 Finance lease obligations7,352 5,143 Total long-term debt and finance lease obligations370,214 325,111 Current portion of long-term debt and finance lease obligations(3,833)(6,485)Total long-term debt and finance lease obligations, less current portion$366,381 $318,626 1    Comprised of principal amount outstanding, less unamortized debt issuance costs. See below for additional information.2022 ABL Credit Facility      On February 11, 2022, we entered into a credit agreement, with the lender parties thereto, and Eclipse Business Capital, LLC, a Delaware limited liability company, as agent (“Eclipse”) (such agreement, as amended by Amendment No.1 dated as of May 6, 2022, Amendment No.2 dated as of November 1, 2022, Amendment No.3 dated as of June 16, 2023 (“ABL Amendment No.3”), Amendment No.4 dated as of March 6, 2024, Amendment No.5 dated as of September 30, 2024 and Amendment No.6 dated as of March 12, 2025, the “2022 ABL Credit Agreement”).   On 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. 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.