About B&W Completes Two-Year Financing Agreement And Credit Extension

Babcock & Wilcox Enterprises, Inc. (NYSE: BW) is announced today that the company has amended their Credit Agreement, which is amendment replaces and supersedes the previously disclosed agreement to refinance the Company’s senior debt by May 15, 2020, among other things. Under the terms of the amended Credit Agreement, the BW stock at https://www.webull.com/newslist/nyse-bw company is current revolving credit facility and availability for letters of credit. It will be extended for two years and the maturity date of June 30, 2022. These are incremental last-out term loans that will be amortized the revolving credit facility through reductions in revolving credit facility commitments over time. The proceeds from the last-out term loans are expected to be used to pay transaction fees and expenses, repay outstanding revolving credit facility borrowings, and to support working capital and general corporate purposes.

Completes Two-Year Financing Agreement And Credit Extension

  • The BW stock company’s revolving credit facility (other than letters of credit and certain other contingent obligations) is one of the outstanding revolving credit loans and earned interest and fees.
  • This guaranty will be replaced by the refinancing backstop commitment previously provided by B. Riley. Under the amended Credit Agreement, the current sublimit on borrowings under the revolving credit facility is maintained.
  • The revolving credit facility is continued to be available for existing and new letters of credit, subject to certain sub-limits, and certain interest payments. That the senior lender syndicate will be deferred to 2021.
  • The BW stock company has also agreed with equitize approximately $16.2 million of fees and interest payments through December 31, 2020.
  • The unpaid principal amount of the last-out term loans are including the new Tranche A term loans.
  • All stock issued in payment of these fees and interest will be valued at a price equal to the average volume-weighted average price of the common stock over 15 consecutive trading days beginning on May 15, 2020, subject to customary adjustments and, to the extent required, stockholder approval under the rules of the New York Stock Exchange.
  • The closing of this financing agreement is an unprecedented global crisis that is a significant accomplishment B&W Chief Executive Officer.
  • This financial position strengthened and long-term is available to supporting multi-year projects, they are well-positioned to build on the momentum we have achieved over the last year.
  • They are having appreciated the continued support of our lenders, customers, suppliers, employees, and shareholders as they have worked through this process.

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