Team adjusts conversion rate for 5% convertibles after reverse split

By William Gullotti

Buffalo, N.Y., Dec. 22 – Team, Inc. adjusted the conversion price of its 5% convertible senior notes due 2023 after a reverse stock split, according to a press release on Thursday.

As a result of the one-for-10 reverse split that took effect at 5 p.m. ET on Dec. 21, the company adjusted the conversion rate of the notes to 4.6083 shares of common stock per $1,000 principal amount of notes from 46.0829 shares per $1,000.

The new conversion rate became effective at the open of business on Dec. 22.

Sugar Land, Tex.-based Team is a provider of industrial services, including inspection, for maintaining and installing high-temperature, high-pressure piping systems and vessels for refining, petrochemical, power, pipeline and other heavy industries.

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