SUGAR LAND, Texas, March 09, 2018 (GLOBE NEWSWIRE) — Team, Inc. (NYSE:TISI) (“Team,” or the “Company”) today announced the successful completion of a seventh amendment to its secured credit facility (the “Credit Facility”) led by Bank of America, N.A. The amendment modifies the current agreement to: eliminate the Total Leverage Ratio covenant, raise the maximum Senior Secured Leverage Ratio covenant and reduce the minimum Interest Coverage Ratio covenant, among other changes, for the remaining term of the Credit Facility (July 2020).
Amerino Gatti, Team's Chief Executive Officer, commented, “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. Our objective is to create an agile, efficient and cost-effective organization that leverages our size, scale and extensive service offerings.”
The Company announced it had amended its Credit Facility to modify certain of the financial covenants over the remaining term of the Credit Facility as follows:
- The Total Leverage Ratio (as defined in the Credit Facility agreement) covenant is eliminated for the remainder of the term of the Credit Facility.
- The Senior …