Team, Inc. Announces Refinancing Transaction
Summary
As part of the Transaction, the Companys existing ABL credit facility provided by Eclipse Business Capital (Eclipse) will continue and was amended to permit the consummation of the Transaction.The tangible improvements in TEAMs operating performance and cash flow generation over the past two years were key to completing this refinancing, which lowers our cost of capital and significantly improves our financial flexibility by extending our term loan maturities to 2030, said Keith D. Tucker, TEAMs Chief Executive Officer. We are now better positioned to execute on our ongoing initiatives to drive topline growth, lower our cost structure and improve our cash flow, creating long-term value for our shareholders. We deploy conventional to highly specialized inspection, condition assessment, maintenance, and repair services that result in greater safety, reliability, and operational efficiency for our customers most critical assets. Through locations in more than 20 countries, we unite the delivery of technological innovation with over a century of progressive, yet proven integrity and reliability management expertise to fuel a better tomorrow. Accordingly, there can be no assurance that the forward-looking information contained herein, including statements regarding the Companys financial prospects and the implementation of cost saving measures, will occur or that objectives will be achieved.