Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 88

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 88
---
 through 2027. We are 

12 

currently assessing its impact on our consolidated financial statements. Additional disclosures may be provided in future periods as the impact of the legislation is determined.

  10. DEBT

As of June 30, 2025 and December 31, 2024, our total long-term debt and finance lease obligations are summarized as follows (in thousands):June 30, 2025December 31, 2024(unaudited)2022 ABL Credit Agreement$97,886 $112,671 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