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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 25, 2026
| |
BABCOCK & WILCOX ENTERPRISES,
INC. |
|
| (Exact name of registrant as specified in its charter) |
| DELAWARE |
|
001-36876 |
|
47-2783641 |
| (State or other jurisdiction of incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
1200 EAST MARKET STREET, SUITE 650
AKRON, OHIO |
|
44305 |
| (Address of principal executive offices) |
|
(Zip Code) |
Registrant’s Telephone Number, including
Area Code: (330) 753-4511
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title
of Each Class |
|
Trading
Symbol |
|
Name
of Each Exchange on which
Registered |
| Common stock, $0.01 par value per share |
|
BW |
|
New York Stock Exchange |
| 6.50% Senior Notes due 2026 |
|
BWNB |
|
New York Stock Exchange |
| 7.75% Series A Cumulative Perpetual Preferred Stock |
|
BW PRA |
|
New York Stock Exchange |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities
Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 1.01 Entry into a Material Definitive Agreement
On February 25, 2026, Babcock & Wilcox Enterprises,
Inc. (the “Company”) with certain subsidiaries of the Company as guarantors, BRC Group Holdings, Inc. (formerly known as B.
Riley Financial, Inc.) (“BRC”), the lenders party to the Credit Agreement (as defined below), and Axos Bank (“Axos”),
as administrative agent, entered into the Tenth Amendment to Credit Agreement and Amendment to Security Agreement (the “Tenth Amendment”),
to that certain Credit Agreement, dated as of January 18, 2024 (as amended, restated, modified, or supplemented from time to time, the
“Credit Agreement”). Capitalized terms have the meaning as defined in the Tenth Amendment. Pursuant to the Tenth Amendment,
Axos and the Lenders party to the Credit Agreement agreed to amend certain provisions of the Credit Agreement to, among other things,
(i) increase the amounts available to be borrowed based on inventory and receivables in the borrowing base under the Credit Agreement;
(ii) extend the maturity date of the Credit Agreement to January 18, 2028; (iii) suspend the PBGC Reserve (provided that the PBGC Reserve
shall be re-imposed in the amount of $3,000,000 on January 1, 2027 unless the Company has provided evidence to Axos that the $3,000,000
installment due to the PBGC on or prior to September 15, 2026 has been paid); (iv) modify the covenants relating to deposit account control
agreements and institutions to allow for certain holdings in foreign currencies; and (v) release BRC as a specified guarantor thereunder.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant
The information set forth in Item 1.01 of this Current Report on Form
8-K is incorporated herein by reference into this Item 2.03.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| |
BABCOCK
& WILCOX ENTERPRISES, INC. |
| |
|
| March 3, 2026 |
By: |
/s/
Cameron Frymyer |
| |
|
Cameron Frymyer |
| |
|
Executive Vice President and Chief Financial Officer
(Principal Accounting Officer and Duly Authorized Representative) |
