Furmanite repays, terminates credit agreement upon merging with Team

By Marisa Wong

Morgantown, W.Va., March 2 – Furmanite Corp. terminated its credit agreement dated March 5, 2012 with Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Furmanite terminated the credit agreement on Feb. 29 in connection with its acquisition by Team, Inc.

The credit agreement, which had a maturity date of March 13, 2020, allowed Furmanite to borrow up to a maximum of $150 million, of which $10 million was available for swingline loans, $20 million was available for the issuance of letters of credit and up to $50 million was available for foreign subsidiary designated borrowers.

On Feb. 29, amounts outstanding under the credit agreement were repaid in full. As for the outstanding letters of credit issued under the credit agreement, Bank of America NA has issued backstop letters of credit to Wells Fargo Bank under an existing Team credit facility.

Furmanite is a Houston-based specialty industrial services company.

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