Anthony R. Horton, a director at Team Inc. (NYSE:TISI), recently purchased 1,082 shares of the company's common stock. The transaction took place on November 15, 2024, with shares acquired at a price of $15.24 each, totaling approximately $16,489. This acquisition brings Horton's total direct ownership to 2,081 shares.
In other recent news, Team Inc. has announced an amendment to its asset-based lending (ABL) credit facility, providing the company with enhanced financial flexibility. The revised credit agreement with Eclipse Business Capital LLC includes an extension of the maturity date for its loans and a reduction in the interest rate. The specifics of the interest rate adjustment were not disclosed, but the maturity of their $130 million revolving credit facility and $27.4 million term loan, known as the Eclipse Loans, has been extended from August 2025 to September 2027.
The terms of a $35 million delayed draw term loan, provided by funds managed by J.F. Lehman & Company and Corre Partners Management, LLC, have also been modified to match the maturity date of the Eclipse Loans. In addition, the borrowing base advance rate under the revolving credit facility has been increased, reflecting Team Inc.'s improved financial and operational performance.
These developments are part of a broader amendment, which also stipulates that the $7.5 million minimum availability covenant will only be tested if the fixed charge coverage ratio is not met. CEO Keith D. Tucker expressed satisfaction with the amended credit facility, attributing the favorable terms to Team Inc.'s progress over the past two years. These recent developments provide Team Inc. with more flexibility to pursue its business goals.
InvestingPro Insights
Anthony R. Horton's recent purchase of Team Inc. (NYSE:TISI) shares comes at an interesting time for the company. According to InvestingPro data, TISI's stock has experienced significant volatility recently, with a 33.21% decline in the past week and a 35% drop over the last month. However, this short-term downturn contrasts sharply with the stock's longer-term performance, as it has seen a remarkable 95.62% price increase over the past six months and a 103.42% rise over the last year.
These fluctuations align with an InvestingPro Tip indicating that TISI "generally trades with high price volatility." This volatility could present both risks and opportunities for investors, potentially explaining Horton's decision to increase his stake in the company.
Despite the recent price dip, TISI's market capitalization stands at $68.76 million, and the company's revenue for the last twelve months as of Q3 2024 was $853.11 million. While the company is not currently profitable, with a negative operating income of $0.45 million, it's worth noting that TISI's EBITDA growth for the same period was 25.35%, suggesting some positive operational trends.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for TISI, providing a deeper understanding of the company's financial health and market position.
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