Latham Advises on Team, Inc.’s Private Placement of Preferred Stock and Warrants to Stellex

Team, Inc. (NYSE: TISI) (TEAM or the Company), a global, leading provider of specialty industrial services offering clients access to a full suite of conventional, specialized, and proprietary mechanical, heat-treating, and inspection services, has announced that it has successfully closed on a private placement of preferred stock and warrants to affiliates of Stellex Capital Management LLC (collectively, Stellex) for US$75 million of proceeds before expenses (the Transaction). The Transaction immediately reduces debt, enhances financial flexibility and inaugurates a strategic new relationship with a partner aligned with TEAM’s management on the Company’s key priorities.

Latham & Watkins LLP represented Stellex in the transaction with a Hybrid Capital team led by New York partners Peter Sluka and Andrew Blumenthal, with associates Paul Lau and Yulong Li. Advice on debt finance matters was provided by Washington, D.C. partners Manu Gayatrinath and Jennifer Kent, with associates Laura Edwards and Mahika Narula; on M&A matters by New York partner Ian Nussbaum and Washington, D.C. partner Nick Luongo, with associate Maddy Berg; on tax matters by New York partner Alan Kimball, with associate Jacob Nagelberg; and on public company representation matters by Washington, D.C. partner Brian Miller and New York partner Gail Neely.