Houston-based Team amended its secured credit facility to eliminate the total leverage ratio covenant, raise the maximum senior secured leverage ratio covenant and reduce the minimum interest coverage ratio covenant for the facility’s remaining term.
According to a related 8-K filing, Bank of America served as administrative agents, swingline lender and l/c issuer.
“We are pleased with the continued support of our bank group and this amendment provides us with the financial flexibility necessary to focus our efforts on improving business operations through the strategic initiatives we are implementing,” said Amerino Gatti, Team’s CEO.
Team is a provider of specialty industrial services, including inspection and assessment, required in maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries.
