Team, Inc. announces modification and extension of the maturity of its ABL credit facility – Team (NYSE:TISI)

Amendment Provides Additional Liquidity and Improved Pricing

SUGAR LAND, Texas, Sept. 30, 2024 (GLOBE NEWSWIRE) – team, inc. TISSUE (“TEAM” or the “Company”), a leading global provider of specialized industrial services offering customers access to a full suite of conventional, specialized and proprietary mechanical, heat treatment and inspection services, today announced that it has executed a amendment to its existing ABL credit facility, which consists of a $130 million revolving credit facility (the “Revolver”) and a $27.4 million term loan secured by certain real estate, machinery and equipment of the Company (together with the Revolver, the ” Eclipse Loans”) provided by Eclipse Business Capital LLC (“Eclipse”), and a $35 million delayed draw term loan (the “DDTL”) provided by funds managed by JF Lehman & Company (” JFL”) and Corre Partners Management, LLC. (“Runs”).

Among other things, the amendment extends the maturity date of the Eclipse Loans and the DDTL from August 11, 2025 to September 30, 2027, and reduces the interest rate differential adjustment. Additionally, the terms of the Revolver were modified to provide for increased availability based on improved financial and operating performance of the Company by, among other things, increasing the base borrowing advance rate and providing a minimum availability agreement of $7.5 million under the Revolver being tested only if the fixed charge coverage ratio is not met.

“We are pleased to have successfully modified our ABL credit facility on improved terms and extended its maturity,” said Keith D. Tucker, CEO of TEAM. “This transaction strengthens our balance sheet and available borrowing capacity and would not have been possible without the hard work of our employees and the tangible progress made over the past two years in our ongoing program to improve operational and financial performance. As we continue driving revenue and EBITDA improvement, we are also focused on identifying opportunities to further improve our capital structure and view this renewal of ABL as a successful first step. I would like to thank Eclipse, JFL and Corre for their continued support and trust in the company. Company”.

About Team, Inc.

Headquartered in Sugar Land, Texas, Team, Inc. TISSUE is a leading global provider of specialized industrial services, offering customers access to a full suite of conventional, specialized and proprietary mechanical, heat treatment and inspection services. We implement conventional to highly specialized inspection, condition assessment, maintenance and repair services that result in greater safety, reliability and operational efficiency for our clients' most critical assets. Through locations in more than 15 countries, we unite the delivery of technological innovation with more than a century of progressive but proven reliability and integrity management experience to power a better tomorrow. For more information, visit www.teaminc.com.

Forward-looking statements

Certain forward-looking information contained herein is provided pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. We have used reasonable efforts to ensure that the information, assumptions and beliefs on which this forward-looking information is based are current. , reasonable and complete. However, such forward-looking statements involve estimates, assumptions, judgments and uncertainties. They include, but are not limited to, statements regarding the Company's financial outlook and the implementation of cost savings measures. There are known and unknown factors that could cause actual results to differ materially from those discussed in the forward-looking information. Although it is not possible to identify all of these factors, they include, but are not limited to; the Company's ability to generate sufficient cash flow from operations, access its credit facility or maintain compliance with obligations under its credit facility and debt agreement; the duration and magnitude of accidents, extreme weather conditions, natural disasters and pandemics and the global economic effects and related inflationary pressures; the Company's liquidity and its ability to obtain additional financing; the Company's ability to continue as a going concern; the Company's ability to execute its cost management actions; the impact of new or changes in existing laws and government regulations and their enforcement, including fees; the result of tax inspections, changes in tax laws and other tax matters; fluctuations in foreign currency exchange rates and interest rates; the Company's ability to successfully sell assets on terms that are favorable to the Company; the Company's ability to repay, refinance or restructure its debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; the continued listing of the Company on the New York Stock Exchange; and known factors detailed in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each filed with the Exchange Commission and Securities, and in other reports filed by the Company with the Securities and Exchange Commission from time to time. Accordingly, there can be no assurance that the forward-looking information contained herein, including statements regarding the Company's financial prospects and the implementation of cost-saving measures, will occur or that the objectives will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements made today or any other forward-looking statements made by the Company, whether as a result of new information, future events or otherwise, except as required by law.

Contact:
Nelson Haight
Executive Vice President, Chief Financial Officer
(281) 388-5521