Babcock & Wilcox Enterprises Announces Closing of Common Stock Offering
Babcock & Wilcox Enterprises, Inc. (“B&W” or the “Company”) (NYSE: BW) announced today the closing of its previously announced underwritten public offering of 12,432,432 shares of its common stock at a price to the public of $18.50 per share (the “Offering”). The 12,432,432 shares of common stock sold in the Offering reflect the full exercise by the underwriters of their option to purchase up to an additional 1,621,621 shares of common stock at the public offering price, less underwriting discounts and commissions. The Company received gross proceeds of approximately $230 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company.
The Company intends to use the net proceeds of the Offering to prepay amounts outstanding under its Credit Agreement and subsequently reborrow such amounts under its Credit Agreement and use any such reborrowed amounts to fund project-related capital and working capital needs to influence steam turbine and boiler production capacity, support growth initiatives, including AI data center power generation projects and BrightLoopTM technology commercialization, potential acquisitions of aftermarket or other energy businesses, strengthen the Company’s balance sheet and for general corporate purposes.
