B&W Announces Key Step Toward Debt Refinancing

Babcock & Wilcox Enterprises, Inc. (NYSE: BW) (B&W) announced today that the Company has amended its Credit Agreement to extend the deadline to take certain required corporate actions related to refinancing from January 10, 2020 to January 20, 2020 and to maintain the current sublimit on borrowing under the company’s revolving credit facility portion of the Agreement. As previously disclosed, the Company is required to refinance by March 15, 2020. B&W is in broader negotiations with creditors to refinance the current senior debt and extend maturity which is anticipated to be completed on or before January 20, 2020.

“This interim amendment is a collaborative first step toward a comprehensive debt refinancing on an accelerated timeframe. With the assistance of B. Riley FBR, Inc. and our existing senior lender syndicate, we expect to further amend our Credit Agreement by January 20, 2020, well in advance of our March 15, 2020 requirement,” said Kenneth Young, B&W Chief Executive Officer. “We are pleased that our lenders recognize the momentum we have achieved through our turnaround efforts and the opportunities we have that leverage our technologies and core businesses. We look forward to finalizing an agreement that provides long-term restructuring of the company’s debt, a critical next step following the Company’s return to profitability in the second and third quarters of 2019, and a position of strength with our core markets and customers. We expect our financial results for the fourth quarter of 2019 will continue to demonstrate this strength and provide further confidence in our objectives for 2020.”

About B&W

Headquartered in Akron, Ohio, Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.

Contacts

Investor Contact:
Megan Wilson

Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
704.625.4944 | investors@babcock.com

Media Contact:

Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345
rscornell@babcock.com