Amendment to Credit Agreement

On January 17, 2020, Babcock & Wilcox Enterprises, Inc. (“we”, “our” or the “Company”) entered into Amendment No. 19 to the Credit Agreement, dated May 11, 2015 (as amended to date, the “Credit Agreement”) with Bank of America, N.A., as administrative agent and lender, and the other lenders party thereto. Amendment No. 19, as supplemented on January 24, 2020, extends the current $205 million sub-limit on borrowings under the revolving credit facility portion of the Credit Agreement and the deadline for completing certain required corporate actions in connection with a refinancing of the Credit Agreement from January 20, 2020 to January 31, 2020.

Certain of the lenders, as well as certain of their respective affiliates, have performed and may in the future perform for the Company and its subsidiaries, various commercial banking, investment banking, lending, underwriting, trust services, financial advisory and other financial services, for which they have received and may in the future receive customary fees and expenses. Certain term loan lenders under the Credit Agreement are also significant shareholders of the Company and party to various agreements to which they have various rights with regard to their shareholdings and our governance, as we have previously disclosed in our public reports.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The information described in Item 1.01 above relating to the Amendment is incorporated into this Item 2.03 by reference.

Item 7.01 Regulation FD Disclosure

On January 24, 2020, the Company issued a press release announcing the amendment to the Credit Agreement discussed in Item 1.01 above. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

The information furnished to this Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Babcock & Wilcox Enterprises, Inc. Exhibit
EX-99.1 2 exhibit991-bwprogressestow.htm EXHIBIT 99.1 Exhibit News ReleaseB&W Continues To Work Toward Debt Refinancing(AKRON,…
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About BABCOCK & WILCOX ENTERPRISES, INC. (NYSE:BW)

Babcock & Wilcox Enterprises, Inc. is a technology-based provider of fossil and renewable power generation and environmental equipment that includes a suite of boiler products and environmental systems, and services for power and industrial uses. The Company operates in three segments: Global Power, Global Services and Industrial Environmental. Through its Global Power segment, the Company engineers, manufactures, procures, constructs and commissions boilers fueled by fossil fuels and renewables in addition to environmental systems and related auxiliary equipment primarily to steam generating customers globally. Through its Global Services segment, the Company provides aftermarket products and services to steam generating utilities across the world and various industrial customers. Through its Industrial Environmental segment, the Company provides a range of environmental technology and services to industrial end markets across the world.