S&P rates TEAM Services loan B-

S&P said it assigned its B- issue-level and 3 recovery ratings to TEAM Services Group's planned $100 million senior secured term loan. The 3 recovery rating indicates meaningful (50%-70%; rounded estimate: 60%) recovery in default. TEAM Services Group is a core subsidiary of RMS Holding Co. LLC.

The ratings are the same as the agency’s on TEAM’s outstanding first-lien loans.

S&P rates TEAM’s $125 million second-lien loan due Dec. 18, 2028, CCC with a 6 recovery (0%) rating.

TEAM Services is expected to use the proceeds for acquisitions and to pay related fees and expenses.

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