Team’s $50 Million Financing Agreement

Kirkland & Ellis represented TEAM, Willkie Farr & Gallagher represented Corre Partners and Davis Polk & Wardwell represented Atlantic Park. Citibank is represented by Goldberg Kohn, as counsel.

Team, Inc. (NYSE: TISI) announced its $50 million delayed draw subordinated term loan facility led by Corre Management Partners, LLC. TEAM has also entered into an amendment of its Senior Secured Term Loan facility led by Atlantic Park Strategic Capital Fund, L.P. to waive the financial covenants until September 30, 2022 and a subordination agreement with, among others, Citibank, N.A., a national banking association (“Citibank”), TEAM’s lender and agent under its current senior secured ABL credit agreement, dated December 18, 2020(as amended). 

Headquartered in Sugar Land, Texas, Team Inc. (NYSE: TISI) is a global leading provider of integrated, digitally-enabled asset performance assurance and optimization solutions.

Corre Partners Management was founded in 2009 to invest across the capital structure in the middle market space. Corre Partners Co-Founders, John Barrett and Eric Soderlund have over 45 years of combined financial markets experience and have worked side by side since 2006. 

Atlantic Park provides capital solutions to address the financing needs of high-quality companies seeking a strategic partner.

Alvarez & Marsal, LLC acted as financial advisor, and Evercore, as investment banker to TEAM. Jefferies LLC acted as investment banker to Corre Partners.

The Kirkland team was led by restructuring partners Joshua Sussberg (Picture), Christopher Greco and Whitney Fogelberg and associates Tricia Schwallier and Alex McCammon, debt finance partner Mary Kogut and associates Steven Keithley, Daniel Kirksey, Annie Crea and Weston Kowert, capital markets partners Matt Pacey and Bryan Flannery and associates Anthony Sanderson, Scott Shelton and Tony Flor, and tax partners David Wheat and Joe Tobias.

Citibank was advised by GK attorneys Danielle Juhle, William Starshak, Richard Kohn, and Ruth Neuman. 

Involved fees earner: Danielle Juhle – Goldberg Kohn; Richard Kohn – Goldberg Kohn; Ruth Neuman – Goldberg Kohn; William Starshak – Goldberg Kohn; Bryan Flannery – Kirkland & Ellis; Tony Flor – Kirkland & Ellis; Whitney Fogelberg – Kirkland & Ellis; Christopher Greco – Kirkland & Ellis; Steven Keithley – Kirkland & Ellis; Daniel Kirksey – Kirkland & Ellis; Mary Kogut – Kirkland & Ellis; Weston Kowert – Kirkland & Ellis; Alexander McCammon – Kirkland & Ellis; Matthew Pacey – Kirkland & Ellis; Anthony Sanderson – Kirkland & Ellis; Tricia Schwallier – Kirkland & Ellis; Scott Shelton – Kirkland & Ellis; Joshua Sussberg – Kirkland & Ellis; Joe Tobias – Kirkland & Ellis; David Wheat – Kirkland & Ellis;

Law Firms: Goldberg Kohn; Kirkland & Ellis;

Clients: Citibank; Team, Inc.;