RTTNews | Dec 18, 2020 10:41AM EST

10:40 Friday, December 18, 2020 (RTTNews.com) - Options Team, Inc. (TISI) shares are rising more than 12 percent on Friday morning trade.

The company announced the signing of a new $250 million Senior Secured Term Loan due 2026 led by Atlantic Park Strategic Capital Fund, L.P.

TEAM said it intends to use the proceeds from the Term Loan and the ABL Credit Facility to repay in full the previous bank credit facility, fund the repurchase of a portion of its outstanding Convertible Notes, and for general corporate purposes.

Currently, shares are at $12.09, up 17.37 percent from the previous close of $10.30. For the 52-week period, the shares have traded in a range of $3.75 to $16.19 on average volume of 250,248.

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