SUGAR LAND, Texas, Sept. 06, 2019 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE: TISI) announced the successful extension and amendment to its Credit Agreement. The Amendment (i) extends the maturity date to July 7, 2021, (ii) reduces the borrowing capacity from $300 million to $275 million, and (iii) provides an accordion feature, which if certain conditions are met, allows for an increase in total commitments under the facility up to an additional $100 million.

“We value the partnership and continued support of our existing lenders, as well as the addition of a new bank to the group,” said Amerino Gatti, TEAM’s Chief Executive Officer. “This extension is an important part of our ongoing plan to de-leverage the company. As a result of the successful and continued execution of our OneTEAM integration and transformation program, we were able to reduce our borrowing requirements. Further demonstrating our commitment to profitable and responsible revenue management, improved margins and a reduced cost structure. By extending the term of the credit facility to 2021, we now have additional time to manage our capital structure with minimal immediate impact on our current cash interest expense.”

About Team, Inc.

Headquartered near Houston, Texas, Team, Inc. (NYSE: TISI) is a leading global provider of specialized industrial services, including inspection, engineering assessment and mechanical repair and remediation required in maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline, aerospace and other heavy industries. TEAM offers these services across over 200 locations and more than 20 countries throughout the world. For more information, please visit www.teaminc.com.