TEAM term loan amendment and debt refinancing
Davis Polk is advising the agent and sole lender under TEAM Inc.’s existing $250 million senior secured term loan facility, in connection with a comprehensive amendment that closed on February 11, 2022, and certain related transactions.
Among other things, the term loan amendment (a) facilitated a refinancing of TEAM’s existing asset-based lending facility with a new $165 million facility, (b) provided financial covenant relief and (c) made certain other modifications to covenants and other terms.
In connection with the amendment and the ABL refinancing, TEAM also obtained a $10 million new-money equity investment from Corre and amended its subordinated unsecured term loan facility.
TEAM, Inc. (NYSE:TISI) is a leading provider of fully-integrated, customized solutions of specialty industrial services, including inspection and assessment, required in maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries.
The Davis Polk restructuring team includes partner Damian S. Schaible, counsel Christian Fischer and associates David Schiff, Alexander K. B. Shimamura and Eric Hwang. The finance team includes associate Ahmad Raja. The derivatives and structured products team includes partner Mark J. DiFiore. The executive compensation team includes partner Travis Triano. Partner Lucy W. Farr and associate Eitan Ulmer advised on tax issues. Members of the Davis Polk team are based in the New York office.