The purchase of Qualspec is being financed through an expansion and amendment to Team's existing credit facility, which will increase the size of the credit facility to $500 million and expand the number of banks in the syndicate from four to seven. Borrowings under the facility bear interest at LIBOR plus a margin, which is initially expected to be 2.0%. As a result of the transaction, Team's pro-forma debt to EBITDA ratio is expected to be about 3 to 1.Financial advisors for Team in the transaction were Houlihan Lokey and Anthony Riker and the financial advisor for Qualspec was Lazard Middle Market. The Company has scheduled a conference call to discuss the Qualspec acquisition today, July 6, 2015 at 2:00 p.m. Eastern Daylight Time (1p.m. CDT). The call will be broadcast over the web and can be accessed on Team's website, www.teamindustrialservices.com. Individuals wishing to participate in the conference call by phone can call 800-901-5213 and use confirmation code 92685770 when prompted. For additional information about Qualspec, investors are invited to go to www.qualspecgroup.com. About Team, Inc. Headquartered near Houston, Texas, Team Inc. is a leading provider of specialty industrial services, including inspection and assessment, required in maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries. Team offers these services in over 125 locations throughout the world. Team's common stock is traded on the New York Stock Exchange under the ticker symbol "TISI". Certain forward-looking information contained herein is being provided in accordance with the provisions of the Private Securities Litigation Reform Act of 1995. We have made reasonable efforts to ensure that the information, assumptions and beliefs upon which this forward-looking information is based are current, reasonable and complete. Such forward-looking statements involve estimates, assumptions, judgments and uncertainties. There are known and unknown factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Such known factors are detailed in the Company's Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission, and in other reports filed by the Company with the Securities and Exchange Commission from time to time. Accordingly, there can be no assurance that the forward-looking information contained herein will occur or that objectives will be achieved. We assume no obligation to publicly update or revise any forward-looking statements made today or any other forward-looking statements made by the company, whether as a result of new information, future events or otherwise.
CONTACT: Greg L. Boane (281) 388-5541