TEAM INCTISI
TEAM INC Debt Disclosure
DEBT
As of December 31, 2025 and 2024, our total long-term debt and finance lease obligations are summarized as follows (in thousands):
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
2022 ABL Credit Facility1 | $ | 58,786 | $ | 112,671 | |||||||
First Lien Term Loan1 | 166,241 | — | |||||||||
2025 Second Lien Term Loan1 | 62,063 | — | |||||||||
ME/RE Loans1 | — | 22,119 | |||||||||
Corre Uptiered Loan1 | — | 143,955 | |||||||||
Corre Incremental Term Loan1 | — | 39,824 | |||||||||
| Equipment Financing Loans | 1,436 | 1,399 | |||||||||
| Total | 288,526 | 319,968 | |||||||||
Finance lease obligations2 | 8,675 | 5,143 | |||||||||
| Total debt and finance lease obligations | 297,201 | 325,111 | |||||||||
| Current portion of long-term debt and finance lease obligations | (3,858) | (6,485) | |||||||||
| Total long-term debt and finance lease obligations, less current portion | $ | 293,343 | $ | 318,626 | |||||||
_________________
1 Comprised of principal amount outstanding, less unamortized debt issuance costs. See below for additional information.
2 For information on our finance lease obligations see Note 12 - Leases.
The following table summarizes scheduled maturities of our debt for the years succeeding December 31, 2025 (in thousands):
| December 31 | |||||
| 2026 | $ | 2,169 | |||
| 2027 | 2,560 | ||||
| 2028 | 61,862 | ||||
| 2029 | 3,056 | ||||
| 2030 | 227,958 | ||||
| Thereafter | — | ||||
Total1 | $ | 297,605 | |||
1 The total excludes unamortized debt issuance cost of $9.1 million.
2022 ABL Credit Agreement
On February 11, 2022, we entered into a credit agreement, with the lender parties thereto, and Eclipse Business Capital, LLC, a Delaware limited liability company, as agent (“Eclipse”) (such agreement, as amended by Amendment No.1 dated as of May 6, 2022, Amendment No.2 dated as of November 1, 2022, Amendment No.3 dated as of June 16, 2023 (“ABL Amendment No.3”), Amendment No.4 dated as of March 6, 2024, Amendment No.5 dated as of September 30, 2024, ABL Amendment No.6 (defined below) and ABL Amendment No.7 (defined below), the “2022 ABL Credit Agreement”).
On March 12, 2025, we entered into Amendment No.6 to the 2022 ABL Credit Agreement with the lenders party thereto and Eclipse (“ABL Amendment No.6”). ABL Amendment No.6 modified the 2022 ABL Credit Agreement to allow the Company to enter into the First Lien Term Loan Agreement (defined below) and grant related liens, aligned certain terms with the First Lien Term Loan Agreement (defined below) and Second A&R Second Lien Term Loan Agreement (defined below), and reflected the repayment of previously outstanding term loan tranches under the 2022 ABL Credit Agreement prior to March 12, 2025.
On September 11, 2025, we entered into Amendment No.7 to the 2022 ABL Credit Agreement with the lenders party thereto and Eclipse (“ABL Amendment No.7”), which further amended the agreement to enhance the Company’s financial flexibility. The amendment extended the maturity date from September 30, 2027 to October 2, 2028, increased the aggregate commitments from $130.0 million to $150.0 million, and provided lender consent for the consummation of the Series B Transactions. Additionally, ABL Amendment No.7 reduced the applicable interest rate margin on loans by a range of 0.25% to 0.375% per annum, contingent on the Company’s EBITDA (as defined in the 2022 ABL Credit Agreement) and Average Historical Excess Availability (as defined in the 2022 ABL Credit Agreement), with such reductions effective January 1, 2026. The amendment also modified certain affirmative and negative covenants to provide the Company and its subsidiaries with greater financial flexibility. In connection with and as a condition to the effectiveness of ABL Amendment No.7, the Company used a portion of the proceeds from the Series B Transactions to prepay the loans outstanding under the 2022 ABL Credit Agreement in an aggregate principal amount equal to $25.0 million (without a corresponding commitment reduction).
Available funding commitments to us under the 2022 ABL Credit Agreement, subject to certain conditions, include a revolving credit line in an amount of up to $150.0 million with a $35.0 million sublimit for swingline borrowings, and a $26.0 million sublimit for issuances of letters of credit (the “Revolving Credit Loans”).
Our obligations under the 2022 ABL Credit Agreement are guaranteed by certain of our direct and indirect subsidiaries referenced below as the “ABL Guarantors” and, together with the Company, the “ABL Loan Parties.” Our obligations under the 2022 ABL Credit Agreement are secured on a first priority basis by, among other things, accounts receivable, deposit accounts, securities accounts and inventory of the ABL Loan Parties (collectively, the “ABL Priority Collateral”) and are secured on a lower priority basis by substantially all of the other assets of the ABL Loan Parties, subject to the terms of the Intercreditor Agreement (as defined below). Availability under the revolving credit line is based on a percentage of the value of qualifying accounts receivable and inventory, reduced by certain reserves.
The terms of the Revolving Credit Loans are described in the table below (dollar amounts are presented in thousands):
| Maturity date | 10/2/2028 | |||||||
| Interest rate | SOFR + applicable margin (or base rate + applicable margin) | |||||||
| Actual interest rate | ||||||||
| 12/31/2025 | 7.86% | |||||||
| 12/31/2024 | 8.92% | |||||||
| Interest payments | monthly | |||||||
| Cash paid for interest | ||||||||
| 12/31/2025 | $7,413 | |||||||
| 12/31/2024 | $7,940 | |||||||
| Principal balance | ||||||||
| 12/31/2025 | $58,786 | |||||||
| 12/31/2024 | $77,905 | |||||||
| Unamortized balance of deferred financing cost | ||||||||
| 12/31/2025 | $991 | |||||||
| 12/31/2024 | $693 | |||||||
| Available amount at 12/31/2025 | $53,396 | |||||||
On March 12, 2025, using a portion of the proceeds from the Initial First Lien Term Loan (defined below), we fully repaid the delayed draw term loan of $35.0 million (the “Corre Delayed Draw Term Loan”) originally provided by Corre Partners Management, LLC and certain of its affiliates (“Corre”) and the ME/RE Loans (described below) of $22.3 million provided by Eclipse and in each case previously outstanding under the 2022 ABL Credit Agreement. The unamortized debt issuance cost related to the Corre Delayed Draw Term Loan amounted to $0.2 million, and the unamortized debt issuance cost related to the ME/RE Loans amounted to $0.8 million. These amounts were written off and recorded as a loss on debt extinguishment in the consolidated statements of operations.
As of December 31, 2024, the Corre Delayed Draw Term Loan had a net carrying balance of $34.8 million, which consisted of the principal balance of $35.0 million less the unamortized balance of debt issuance cost of $0.2 million. The actual interest rate as of December 31, 2024 was 14.17% and cash paid for interest was $1.4 million and $5.5 million, respectively, during the twelve months ended December 31, 2025 and 2024.
The “applicable margin” in the table above is defined as a rate of 2.25%, 2.50% or 2.88% for Base Rate Loans with a 2.00% base rate floor and a rate of 3.25%, 3.50% or 3.88% for Adjusted Term SOFR Loans (effective January 1, 2026 per Amendment No.7) with a 1.00% SOFR floor, in each case depending on the amount of EBITDA (as defined in ABL Amendment No.7 to the 2022 ABL Credit Agreement) as of the most recent measurement period as reported in a monthly compliance certificate. Base rate is used when SOFR is not available. The fee for undrawn revolving amounts is 0.50%.
We may make voluntary prepayments of the loans under the 2022 ABL Credit Agreement from time to time, subject to certain conditions. Mandatory prepayments are also required in certain circumstances.
Amounts repaid under the Revolving Credit Loans may be re-borrowed, subject to compliance with the borrowing base and the other conditions set forth in the 2022 ABL Credit Agreement. Certain permanent repayments of the 2022 ABL Credit Agreement loans are subject to the payment of a premium ranging from 0% to 2% depending on the date of prepayment as specified in the 2022 ABL Credit Agreement. The 2022 ABL Credit Agreement contains customary conditions to borrowings and covenants, including covenants that restrict our ability to sell assets, make changes to the nature of our business, engage in mergers or acquisitions, incur, assume or permit to exist additional indebtedness and guarantees, create or permit to exist liens, pay dividends, issue equity instruments, make distributions or redeem or repurchase capital stock or make other investments, engage in transactions with affiliates and make payments in respect of certain debt. The 2022 ABL Credit Agreement following the execution of Amendment No.3 also requires that we will not exceed $15.0 million in unfinanced capital expenditures in any CapEx Test Period (as defined therein); provided we shall be permitted to make up to $25.0 million in unfinanced capital expenditures in any CapEx Test Period (as defined therein) if we maintain a total leverage ratio of less than or equal to 2.00 to 1.00 on a pro forma basis immediately after giving effect to each such unfinanced capital expenditure in excess of the capital expenditure limit. In addition, the 2022 ABL Credit Agreement includes customary events of default, the occurrence of which may require that we pay an additional 2.0% interest on the outstanding loans under the 2022 ABL Credit Agreement and that the debt becomes payable immediately. As of December 31, 2025, we are in compliance with the covenants.
Direct and incremental costs associated with the issuance of the loans under the 2022 ABL Credit Agreement were capitalized as deferred financing costs.
As of December 31, 2025, $9.5 million in letters of credit were issued under the 2022 ABL Credit Agreement. Such amounts remain undrawn and are off-balance sheet.
ME/RE Loans
On March 12, 2025, using a portion of the proceeds from the Initial First Lien Term Loan (defined below), we fully repaid the ME/RE Loans of $22.3 million (“ME/RE Loans”) provided to us pursuant to ABL Amendment No.3. ME/RE Loans were secured by a first priority lien and mortgage on certain real estate and machinery and equipment of the Company.
As of December 31, 2024, the ME/RE Loans had net carrying balance of $22.1 million, which consisted of the principal balance of $23.0 million less the unamortized balance of debt issuance cost of $0.9 million. The actual and effective interest rates at December 31, 2024 were 9.67% and 12.97%, respectively. Cash paid for interest during the twelve months ended December 31, 2025 and 2024 was $0.6 million and $2.7 million, respectively.
First Lien Term Loan Agreement
On March 12, 2025, we entered into a First Lien Term Loan Credit Agreement (as amended by Amendment No.1 (defined below), the “First Lien Term Loan Agreement”) with the lenders party thereto and HPS Investment Partners, LLC. Available funding commitments include a $225.0 million senior secured first lien term loan (the “First Lien Term Loan”) consisting of a $175.0 million initial term loan tranche (the “Initial First Lien Term Loan”) and a $50.0 million delayed draw term loan tranche (the “First Lien Delayed Draw Term Loan”), which is available to be drawn from March 12, 2025 to June 30, 2027, subject to satisfying certain conditions, including pro forma compliance with a First Lien Net Leverage Ratio (as defined in the First Lien Term Loan Agreement) of 3.75 to 1.00 and Liquidity (as defined in the First Lien Term Loan Agreement) of not less than $40.0 million. All outstanding amounts in respect of the First Lien Term Loan mature and become due and payable on March 12, 2030. Loans borrowed under the First Lien Term Loan Agreement bear interest at an annual rate of the Secured Overnight Financing Rate (“SOFR”) for interest periods of one-, three- or six-months, at the Company’s election, plus an additional margin. The additional margin was fixed at 6.50% per annum for the quarter ending March 31, 2025, and thereafter contingent on the First Lien Net Leverage Ratio (as defined in the First Lien Term Loan Agreement) with a potential range of 7.00% to 6.00% for the quarter ending September 30, 2025, and 5.75% to 6.75% thereafter (pursuant to Amendment No.1 as described below).
The proceeds of the Initial First Lien Term Loan were used to redeem and repay the Corre Delayed Draw Term Loan and the ME/RE Loans under the 2022 ABL Credit Agreement, the Corre Incremental Term Loan and a portion of the outstanding
balance of the Corre Uptiered Loan under the Existing A&R Term Loan Agreement (as defined below). To the extent borrowed, the proceeds of the First Lien Delayed Draw Term Loan will be used solely to repay the obligations under the Second A&R Second Lien Term Loan Agreement (as defined below). As of December 31, 2025, we have not drawn on the First Lien Delayed Draw Term Loan.
On September 11, 2025, we entered into Amendment No.1 to the First Lien Term Loan Agreement (“Amendment No.1”) with the lenders and HPS Investment Partners, LLC, as agent. Amendment No.1 modified the First Lien Term Loan Agreement to provide the Company and its subsidiaries with enhanced financial flexibility. Key terms of Amendment No.1 include:
•lender consent for the consummation of the Series B Transactions;
•a reduction of the interest rate margin applicable to the loans under the First Lien Term Loan Agreement by 0.25% per annum, with such reduction commencing October 1, 2025;
•an increase of the maximum permitted First Lien Net Leverage Ratio (as defined in the First Lien Term Loan Agreement), tested as of the end of each fiscal quarter, to 6.00 to 1.00 from 5.50 to 1.00 through and including the fiscal quarter ending December 31, 2026, with a subsequent reversion to 5.50 to 1.00 for the fiscal quarters ending thereafter; and
•the modification of certain affirmative and negative covenants and mandatory prepayment requirements, in each case, to permit greater financial flexibility for the Company and its subsidiaries.
The terms of the Initial First Lien Term Loan are described in the table below (dollar amounts are presented in thousands):
| Maturity date | 3/12/2030 | |||||||
| Stated interest rate | SOFR+applicable margin (or base+applicable margin) | |||||||
| Principal payments | $438 quarterly | |||||||
Effective interest rate | ||||||||
| 12/31/2025 | 11.86% | |||||||
| Actual interest rate | ||||||||
| 12/31/2025 | 10.00% | |||||||
| Interest payments | Last day of borrower-selected interest period, but no later than quarterly | |||||||
| Cash paid for interest | ||||||||
| YTD 12/31/2025 | $14,343 | |||||||
| Balances at 12/31/2025 | ||||||||
| Principal balance | $173,688 | |||||||
Unamortized balance of debt discount and issuance cost1 | $(7,447) | |||||||
| Net carrying balance | $166,241 | |||||||
1 Consists of debt discount of $3,486 and debt issuance cost of $3,961.
The First Lien Term Loan Agreement contains certain conditions to borrowings, events of default and affirmative and negative covenants (including a financial covenant prohibiting the Company from exceeding a maximum First Lien Net Leverage Ratio (as defined therein), tested as of the end of each fiscal quarter). Further, the First Lien Term Loan Agreement includes certain events of default, the occurrence of which may require that we pay an additional 2.0% interest on the outstanding loans and other obligations under the First Lien Term Loan Agreement. As of December 31, 2025, we are in compliance with the covenants.
A&R Term Loan Credit Agreement / Second A&R Second Lien Term Loan Agreement
On March 12, 2025, we entered into a Second Amended and Restated Second Lien Term Loan Credit Agreement with the lenders party thereto (“Corre and affiliates”) and Cantor Fitzgerald Securities, as Agent (as amended by the Second Lien Amendment (defined below), the “Second A&R Second Lien Term Loan Agreement”), which amended and restated the existing Amended and Restated Term Loan Credit Agreement, dated June 16, 2023 (the “Existing A&R Term Loan Agreement”). The Existing A&R Term Loan Agreement amended and restated a term loan credit agreement entered into on November 9, 2021, as amended through March 29, 2023, to provide for term loans outstanding upon effectiveness of such amendment and restatement consisting of a $57.5 million senior secured first lien term loan provided by Corre and certain of its affiliates (the “Corre Uptiered Loan”), and included an additional funding commitment, subject to certain conditions, and comprised of a $37.5 million term loan tranche and a $20.0 million delayed draw tranche, of which $10.0 million remained undrawn on March 12, 2025 (together, the “Corre Incremental Term Loan”).
On March 12, 2025, using a portion of the proceeds from the Initial First Lien Term Loan, we fully paid off the outstanding principal balance on the Corre Incremental Term Loan in the amount of $46.3 million and paid down $54.1 million of the outstanding principal balance on the Corre Uptiered Loan. The remaining portion of the Corre Uptiered Loan of $93.9 million, together with certain fees and accrued interest, was rolled into the 2025 Second Lien Term Loans (defined below). The unamortized debt issuance cost related to the Corre Incremental Term Loan amounted to $6.3 million, and the unamortized debt issuance cost related to the Core Uptiered Loan amounted to $0.2 million. These amounts were written off and recorded as a loss on debt extinguishment in the consolidated statements of operations.
On September 11, 2025, we entered into Amendment No.1 to the Second A&R Second Lien Term Loan Agreement, with the lenders party thereto, and Cantor Fitzgerald Securities, as Agent, (the “Second Lien Amendment”). As a condition to the effectiveness of the Second Lien Amendment, the Company used a portion of the proceeds from the Series B Transactions to prepay approximately $42.9 million of principal and accrued and unpaid interest on loans outstanding under the Second A&R Second Lien Term Loan Agreement. The unamortized debt issuance cost associated with the prepayment totaling approximately $1.3 million was written off and recorded as a loss on debt extinguishment in the consolidated statements of operations. The Second Lien Amendment modifies the Second A&R Second Lien Term Loan Agreement to provide the Company and its subsidiaries with enhanced financial flexibility. Key terms of the Second Amendment include:
•lender consent for the consummation of the Series B Transactions;
•increase the maximum permitted First Lien Net Leverage Ratio (as defined in the Second A&R Second Lien Term Loan Agreement), tested as of the end of each fiscal quarter, to 6.50 to 1.00 from 6.00 to 1.00 through and including the fiscal quarter ending December 31, 2026, with a subsequent reversion to 6.00 to 1.00 for the fiscal quarters ending thereafter; and
•the modification of certain affirmative and negative covenants and mandatory prepayment requirements, in each case, to permit greater financial flexibility for the Company and its subsidiaries.
The Second A&R Second Lien Term Loan Agreement contains certain conditions to borrowings, events of default and affirmative and negative covenants (including a financial covenant prohibiting the Company from exceeding a maximum First Lien Net Leverage Ratio (as defined therein), tested at the end of each fiscal quarter). Further, the Second A&R Second Lien Term Loan Agreement includes certain events of default, the occurrence of which may require that the Company pay an additional 2.0% interest on the outstanding loans and other obligations under the Second A&R Second Lien Term Loan Agreement. As of December 31, 2025, we are in compliance with the covenants.
The amount currently outstanding under the Second A&R Second Lien Term Loan Agreement is a $63.7 million second lien term loan (the “Second Lien Term Loans”), provided by Corre and certain of its affiliates, consisting of a term loan tranche, including certain interest payments paid in kind (the “2025 Second Lien Term Loans”). The Second A&R Second Lien Term Loan Agreement also includes an additional funding commitment for a $10.0 million delayed draw term loan tranche (the “Second Lien Delayed Draw Term Loans”) available until April 15, 2026 (the “Delayed Draw Availability Period”), subject to satisfying certain conditions. At our request and with applicable lender consent, the Delayed Draw Availability Period may also be extended or reinstated following the expiration thereof. All outstanding amounts in respect of the Second Lien Term Loans mature and become due and payable on June 10, 2030. To the extent borrowed, the proceeds of the Second Lien Delayed Draw Term Loans are permitted to be used by the Company for general working capital and liquidity purposes. As of December 31, 2025, we have not drawn on the Second Lien Delayed Draw Term Loans.
The Second Lien Term Loans bear interest at an annual rate of 13.5% through the earlier of (i) September 30, 2026, and thereafter, if the outstanding principal balance of the Second Lien Term Loans exceeds 50% of the principal balance on March 12, 2025, the interest rate will increase by 0.25% quarterly, subject to a maximum rate of 14.5% per annum, and (ii) the date on which the Second Lien Delayed Draw Term Loan is borrowed in full, in which case the interest rate will increase to the maximum rate of 14.5% per annum. Interest is payable quarterly and if the First Lien Net Leverage Ratio (as defined in the Second A&R Second Lien Term Loan Agreement) is greater than or equal to 3.50 to 1.00, then all interest shall be paid in kind; if the First Lien Net Leverage Ratio is less than 3.50 to 1.00 and greater than or equal to 3.00 to 1.00, 50% of the interest shall be payable in cash, with the other 50% to be paid in kind; and if the First Lien Net Leverage Ratio is less than 3.00 to 1.00, all interest will be payable in cash.
The terms of the 2025 Second Lien Term Loans are described in the table below (dollar amounts are presented in thousands):
| Maturity date | 6/10/2030 | |||||||
| Principal payments | quarterly 1 | |||||||
| Effective interest rate | ||||||||
| 12/31/2025 | 16.04% | |||||||
| Actual interest rate | ||||||||
| 12/31/2025 | 13.50% | |||||||
| Interest payments | quarterly | |||||||
| Cash paid for interest | ||||||||
| 12/31/2025 | $1,129 2 | |||||||
PIK interest added to principal balance | ||||||||
| 12/31/2025 | $8,086 | |||||||
| Balances at 12/31/2025 | ||||||||
| Principal balance | $63,696 | |||||||
| Unamortized balance of debt issuance cost | $(1,633) | |||||||
| Net carrying balance | $62,063 | |||||||
1 Principal payments represent a percentage (ranges between 0% and 0.25% based on the First Lien Net Leverage Ratio) of the outstanding principal balance. As of December 31, 2025 we are not making quarterly principal payments.
2 One-time cash interest payment in connection with the partial prepayment on September 11, 2025.
As of December 31, 2024, the Corre Incremental Term Loan had a net carrying balance of $39.8 million, which consisted of the principal balance of $46.6 million less the unamortized balance of debt issuance cost of $6.8 million. The stated and effective interest rates at December 31, 2024 were 12.00% and 22.96%, respectively. Cash paid for interest during the twelve months ended December 31, 2025 and 2024 was $2.5 million and $5.7 million, respectively.
As of December 31, 2024, the Corre Uptiered Loan had a net carrying balance of $144.0 million, which consisted of the principal balance of $144.5 million less the unamortized balance of debt issuance cost of $0.5 million. The stated and effective interest rates at December 31, 2024 were 13.50% and 14.56%, respectively. Cash paid for interest during the twelve months ended December 31, 2025 and 2024 was $2.7 million and $2.8 million, respectively.
Equipment Financing Loans
Equipment finance loans consist of secured borrowings used to acquire machinery and equipment (including office equipment). Under some of the arrangements, the lender pays the equipment vendor directly on behalf of the Company; as a result, no cash proceeds are received by the Company. The loans are secured by the financed equipment and are repaid over fixed terms through scheduled installments. The related assets are recorded in property, plant, and equipment, net of accumulated depreciation. As of December 31, 2025 and December 31, 2024, the outstanding balance of equipment financing loans was $1.4 million.
Fair Value of Debt
The fair value of our debt obligations is representative of the carrying value based upon the respective interest rate terms and management’s opinion that the current rates available to us with the same maturity and security structure are equivalent to that of the debt obligations.
1970 Group Substitute Insurance Reimbursement Facility
On September 16, 2024, we entered into an amended and restated substitute insurance reimbursement facility agreement with the 1970 Group Inc. (“1970 Group”) (such agreement, the “Substitute Insurance Reimbursement Facility Agreement”). Under this agreement, the 1970 Group extended credit to us in the form of a substitute reimbursement facility (the “Substitute Reimbursement Facility”) of approximately $19.0 million of letters of credit on our behalf in support of our workers’ compensation, commercial automotive and general liability insurance policies.
On August 25, 2025, we entered into a new agreement with 1970 Group Originator, Inc., an affiliate of 1970 Group, titled the Substitute Insurance Collateral Facility Program Agreement (the “Collateral Facility Agreement”), which replaced the Substitute Insurance Reimbursement Facility Agreement. The Collateral Facility Agreement establishes a revised framework for collateral and credit support related to our insurance programs, superseding the prior reimbursement facility. As of December 31, 2025, we have $19.1 million of letters of credit outstanding under the Substitute Reimbursement Facility.
Such letters of credit arranged by the 1970 Group permitted the return of certain existing letters of credit for our account that were outstanding for the purpose of supporting the Insurance Policies and that were required to be collateralized, thereby providing us increased liquidity. Under the Substitute Insurance Reimbursement Facility Agreement, we are required to reimburse the 1970 Group for any draws made under the letters of credit within of notice of any such draw. The Substitute Insurance Reimbursement Facility Agreement is effective through the term of the issued letters of credit; it renews annually upon payment of the extension fee, provided there has not been an event of default.
According to the provisions of ASC 470, Debt, the arrangement is a “Substitute Insurance Reimbursement Facility” limited to any amounts drawn under the letters of credit. Therefore, until we use or draw on the Substitute Insurance Reimbursement Facility, the letters of credit are treated as an off-balance sheet credit arrangement. The fees in the amount of $2.2 million paid by us under this arrangement are deferred and amortized to interest expense over the term of the arrangement. As of December 31, 2025 and 2024, the unamortized balance of $1.5 million and $1.6 million was included in other current assets.
Liquidity
As of December 31, 2025, we had $14.1 million of unrestricted cash and cash equivalents and $4.0 million of restricted cash, including $2.7 million of restricted cash held as collateral for letters of credit and commercial card programs. International cash balances included in total cash as of December 31, 2025 were $4.4 million, and approximately $1.2 million of such cash is restricted. As of December 31, 2025, we had approximately $63.4 million of availability under our various credit facilities, consisting of $53.4 million available under the Revolving Credit Loans and $10.0 million available under the Second Lien Delayed Draw Term Loan under the Second A&R Second Lien Term Loan Credit Agreement. We had $30.4 million in letters of credit and $1.9 million in surety bonds outstanding. In connection with the Series B Transactions, we also have access to up to $30.0 million additional liquidity through a delayed draw mechanism, subject to certain conditions under the related Purchase Agreement.
Our cash and cash equivalents as of December 31, 2024 totaled $31.5 million of unrestricted cash and cash equivalents and $4.0 million of restricted cash, including $2.8 million of restricted cash held as collateral for letters of credit and commercial card programs. Additionally, $5.1 million of the $31.5 million of cash and cash equivalents was in foreign accounts, primarily in Canada, the U.K. and Europe including $1.1 million of restricted cash.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 19, 2025 | |
| 2023 | Mar 7, 2024 | |
| 2022 | Mar 14, 2023 | |
| 2021 | Mar 16, 2022 | |
| 2020 | Mar 12, 2021 | |
| 2019 | Mar 16, 2020 | |
| 2018 | Mar 19, 2019 | |
| 2017 | Mar 15, 2018 | |
| 2016 | Mar 16, 2017 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.