Team (TISI) Announces $150M ATM Offering

November 28, 2016 8:18 AM EST

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Team, Inc. (NYSE: TISI) filed a prospectus supplement under which it may sell up to $150,000,000 of its common stock through an “at-the-market” equity offering program (the “ATM Program”). The Company intends to use the net proceeds from sales under the ATM Program primarily to reduce outstanding indebtedness, which may include amounts outstanding under the Company’s senior secured credit facility, and for general corporate purposes. The timing of any sales will depend on a variety of factors to be determined by the Company.

The shares will be offered through Merrill Lynch, Pierce, Fenner & Smith Incorporated, Raymond James & Associates, Inc. and SunTrust Robinson Humphrey, Inc., as sales agent and/or principal. Sales of common stock, if any, will be made from time to time in negotiated transactions at market prices prevailing at the time of a sale or at negotiated prices, or as otherwise agreed with the sales agents, and, as a result, sale prices may vary.

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