Babcock & Wilcox Enterprises Announces Closing of $297.5 Million of Common Stock and Senior Notes Offerings
Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced that on February 12, 2021 it closed an underwritten public offering of 29,487,180 shares of common stock, which included 3,846,154 shares issued in connection with the underwriter’s option to purchase additional shares, at a price to the public of
B&W and the senior notes both received a rating of BB+ from Egan-Jones Ratings Company, an independent, unaffiliated rating agency. The notes are expected to begin trading on NYSE under the symbol “BWSN” as early as February 17, 2021.
In addition to the public offering, B. Riley Financial, Inc exchanged
The two offerings resulted in net proceeds of approximately
“We expect the proceeds derived from this raise to significantly reduce our secured debt and future cash interest payments, de-lever our balance sheet, support expansion of our clean energy technologies portfolio, and provide a strong foundation to pursue our more than
B. Riley Securities, Inc., acted as the lead book-running manager for the common stock offering. D.A. Davidson & Co. and Janney Montgomery Scott LLC acted as joint book-running managers for the common stock offering. Lake Street Capital Markets, LLC and National Securities Corporation acted as co-managers for the common stock offering.
B. Riley Securities, Inc. acted as lead book-running manager for the senior notes offering. D.A. Davidson & Co., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc., and National Securities Corporation acted as joint book-running managers for the senior notes offering. Aegis Capital Corp., Boenning & Scattergood, Inc., Huntington Securities, Inc. and Kingswood Capital Markets, division of Benchmark Investments, Inc. acted as co-managers for the senior notes offering.
The common stock and senior notes were offered under the Company's shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission ("SEC") on February 13, 2020. The offerings were made only by means of a prospectus supplement and accompanying base prospectus. Copies of the prospectus supplement and the accompanying base prospectus 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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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 offerings of common stock and senior notes, B. Riley Financial’s exchange of a portion of its existing Tranche A term loan for
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.
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