Team, Inc. successfully closed a private placement of preferred stock and warrants to affiliates of Stellex Capital Management LLC.
The transaction reduces debt, enhances financial flexibility, and initiates a strategic partnership with Stellex.
Highlights include closing $75 million of preferred stock, paying down $67 million of debt, and amending credit facilities to increase commitment amount and improve terms.
Transaction Details
Closed $75 million of preferred stock, paid down $67 million of debt, and amended credit facilities to enhance financial position.
Strategic Partnership
Established a strategic relationship with Stellex Capital Management LLC through the private placement transaction.
Enhanced Financial Flexibility
The transaction improves financial flexibility by reducing debt and amending credit facility terms.
Investor Rights
Stellex Capital Management LLC gains the right to nominate two members to Team, Inc.'s Board of Directors.
- The transaction strengthens Team, Inc.'s balance sheet and positions the company for accelerated growth.
- Amendments to credit facilities provide improved access to funding and lower pricing, enhancing financial capabilities.
The private placement of preferred stock marks a significant step for Team, Inc. in reducing debt, enhancing financial flexibility, and fostering strategic partnerships. The company is poised for growth and operational excellence.