TEAM entered into a $50 million delayed draw subordinated term loan facility led by Corre Management Partners. TEAM also entered into an amendment to its senior secured term loan facility led by Atlantic Park Strategic Capital Fund.
Atlantic Park Capital Fund provided a $250 million senior secured term loan and Citibank provided a $150 million asset-based loan to TEAM, a provider of integrated, digitally-enabled performance solutions, to refinance the company’s existing debt facilities.
Team amended its credit facility, extending the maturity date to July 7, 2021 and reducing the borrowing capacity from $300 million to $275 million.
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. Bank of America served as administrative agent on the transaction.