TISI - Team rallies on refinancing of new capital structure

Team ([[TISI]] +16.6%) signed a new $250M senior secured term loan due 2026 led by Atlantic Park Strategic Capital Fund; concurrent with the signing of the term loan, TEAM executed a new $150M senior secured ABL credit facility due 2024 led by Citibank.Also, the company plans to retire its previous senior secured credit facility, including the revolving credit facility and the associated term loan.The company entered into separate, privately-negotiated transactions with certain holders of its existing 5.00% convertible senior notes due 2023 to repurchase ~$137M principal amount of the Convertible Notes for ~$136M.Post the repurchases, ~$93M principal amount of the convertible notes will remain outstanding.Convertible notes repurchases are expected to close on Dec. 22, 2020.Proceeds from the Term Loan and the ABL Credit Facility to be used for repaying in full the previous bank credit facility, fund the repurchase of a portion of its outstanding Convertible Notes,  and for general corporate purposes.In connection with the

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Team rallies on refinancing of new capital structure