Team plans to fully repay term loan with proceeds of convertibles

By Wendy Van Sickle

Columbus, Ohio, July 24 – Team Inc. plans to repay all outstanding borrowings under the term loan portion of its credit facility with some proceeds of a $175 million offering of six-year convertible senior notes, according to a press release.

Proceeds will also be used for general corporate purposes.

Houston-based Team is a provider of industrial services, including inspection and assessment, for maintaining and installing high-temperature, high-pressure piping systems and vessels for the refining, petrochemical, power, pipeline and other heavy industries.

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