Team to repurchase $137 million of 5% convertibles for $136 million

By Taylor Fox

New York, Dec. 18 – Team, Inc. entered into separate, privately negotiated transactions with certain holders of its existing 5% convertible senior notes due 2023 to repurchase $137 million of the notes for $136 million plus interest, according to a news release.

Following the repurchase, $93 million of the notes will remain outstanding.

The repurchase is expected to close on Dec. 22.

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

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