Le Lézard
Classified in: Environment, Covid-19 virus
Subjects: Funding, Bond Issue

Babcock & Wilcox Enterprises Announces Proposed Public Offering of $125 Million of Senior Notes Due 2026

Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced the commencement of an underwritten registered public offering of $125 million aggregate principal amount of senior notes due 2026 (the "Senior Notes"). B&W expects to grant the underwriters a 30-day option to purchase additional Senior Notes in connection with the offering. The interest rate and certain other terms of the Senior Notes will be determined at the time of the pricing of the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

B&W and the Senior Notes both received a rating of BB+ from Egan-Jones Ratings Company, an independent, unaffiliated rating agency.

The Company expects to use the net proceeds of this offering for general corporate purposes, which may include (without limitation) funding potential acquisitions, project-related capital and working capital and to support clean energy growth initiatives. Pending any specific use, the Company may use any remaining net proceeds to invest in short-term interest-bearing accounts, securities or similar investments.

B. Riley Securities, Inc. is acting as lead book-running manager for the offering. D.A. Davidson & Co., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc., William Blair & Company, L.L.C. and EF Hutton, division of Benchmark Investments, LLC are acting as joint book-running managers for the offering. Aegis Capital Corp., Boenning & Scattergood, Inc., Huntington Securities, Inc., InspereX LLC and Wedbush Securities, Inc. are acting as co-managers for the offering.

The Senior Notes will be offered under the Company's shelf registration statement on Form S-3, which was initially filed with the Securities and Exchange Commission ("SEC") on November 8, 2021 and declared effective by the SEC on November 22, 2021. The offering will be made only by means of the prospectus supplement dated December 6, 2021 and the accompanying base prospectus dated November 22, 2021, as may be further supplemented by any free writing prospectus and/or pricing supplement that the Company may file with the SEC. Copies of the preliminary prospectus supplement and the accompanying base prospectus and any free writing prospectus and/or pricing supplement for the offering may be obtained on the SEC's website at www.sec.gov, or by contacting B. Riley Securities by telephone at (703) 312-9580, or by email at prospectuses@brileyfin.com. The final terms of the proposed offering will be disclosed in a final prospectus supplement to be filed with the SEC.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Senior Notes, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date of this press release. Such forward looking statements include, but are not limited to, statements regarding the Company's public offering of the Senior Notes and intended net proceeds of the offering thereof. Factors that could cause such actual results to differ materially from those contemplated or implied by such forward-looking statements include, without limitation, the risks associated with the unpredictable and ongoing impact of the COVID-19 pandemic and other risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable) and the prospectus supplement related to the offering of the Senior Notes. These factors should be considered carefully, and the Company cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About Babcock & Wilcox Enterprises

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a global leader in energy and environmental technologies and services for the power and industrial markets.

These press releases may also interest you

at 10:40
Over the last two years, Illinois American Water helped more than 15,500 residential customers receive financial assistance to help keep water service flowing. The support came through the Company's customer assistance program, H2O Help to Others, as...

at 10:05
Therma-Tru has announced the launch of Therma-Tru Thrive, the brand's new social responsibility initiative. Therma-Tru Thrive features three key pillars: making life better at home; helping take care of our planet; and being a good neighbor. Making...

at 10:05
Thanks to electronic workflows and document management, xSuite Group customers are already saving tons of paper each year. But the software producer wants to do more. So, in January 2022, it launched the "Reforesting to Protect the Environment and...

at 09:42
Volcon Inc. , the first all-electric, off-road powersports company, today announced the pricing of an underwritten public offering (the "Offering") of 6,666,667 shares of common stock, par value $0.00001 per share ("Common Stock"), to be issued by...

at 09:30
To accelerate its mission to address climate change at scale and to prepare for its next phase of growth, Global Thermostat today announced a strategic transition into two collaborating and complementary organizations, Global Thermostat, a commercial...

at 09:22
Kerry, the world's leading taste and nutrition company, has officially opened a new 21,500-square-foot state of the art facility at its Jeddah operation in the Kingdom of Saudi Arabia. The company has invested over ?80m in the region over the past...

News published on 6 december 2021 at 17:25 and distributed by: