TISI - Team Inc. soars after securing financing commitments

2023-05-25 17:48:59 ET

Team Inc. ( NYSE: TISI ) stock skyrocketed +61.8% on Thursday after it received financing commitments from two of its largest current stakeholders for a series of transactions it said will significantly improve its capital structure and extend maturities.

The company said it entered into commitment letters with Corre Management Partners for a new $57.5M, 12% senior secured first lien term loan maturing in December 2026, and Eclipse Business Capital for a new $27.4M term loan secured by certain real estate, machinery and equipment.

Team Inc. ( TISI ) said it believes the transactions will remediate the conditions that led to the going concern disclosure in its latest quarterly report .

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