Babcock & Wilcox extends loan maturity to 2028

Babcock & Wilcox Enterprises, Inc. entered into a Tenth Amendment to its existing Credit Agreement with Axos Bank and other lenders.

Rhea-AI Filing Summary

Babcock & Wilcox Enterprises, Inc. entered into a Tenth Amendment to its existing Credit Agreement with Axos Bank and other lenders. The amendment extends the credit facility’s maturity date to January 18, 2028, giving the company more time before the loan comes due.

The changes also increase amounts available to be borrowed based on inventory and receivables in the borrowing base, which can enhance liquidity. The lenders agreed to suspend the $3,000,000 PBGC Reserve, with the reserve to be re-imposed on January 1, 2027 unless a $3,000,000 installment due to the PBGC on or prior to September 15, 2026 has been paid. Other updates allow certain foreign-currency holdings in deposit accounts and release BRC Group Holdings, Inc. as a specified guarantor.

Insights

Credit & Capital Structure Analyst

Loan maturity is extended and liquidity levers are improved, but covenant and reserve conditions remain important.

The amendment to the Axos-led Credit Agreement pushes the maturity out to January 18, 2028 and increases borrowing availability tied to inventory and receivables. This combination can ease near-term refinancing pressure and provide more flexibility in funding operations or working capital.

The temporary suspension of the PBGC Reserve is conditioned on paying a $3,000,000 installment to the PBGC due on or prior to September 15, 2026, with the reserve returning on January 1, 2027 if that payment is not evidenced. The amendment also allows certain foreign-currency deposits and releases BRC Group Holdings, Inc. as a specified guarantor, which slightly reshapes lender protections. Subsequent filings may provide more detail on utilization and covenant performance under this extended facility.

8-K Event Classification

2 items: 1.01, 2.03

2 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

FAQ

What did Babcock & Wilcox Enterprises (BW) change in its credit facility?

Babcock & Wilcox amended its existing Credit Agreement with Axos Bank and other lenders to extend the loan maturity, increase borrowing availability tied to inventory and receivables, adjust certain covenants, and release BRC Group Holdings, Inc. as a specified guarantor.

When does Babcock & Wilcox’s amended credit facility now mature?

The amended Credit Agreement for Babcock & Wilcox now matures on January 18, 2028. This pushes out the previous due date, giving the company additional time before principal repayment and refinancing decisions become critical under this facility.

How does the PBGC Reserve change under Babcock & Wilcox’s Tenth Amendment?

The amendment suspends the $3,000,000 PBGC Reserve, with plans to re-impose it on January 1, 2027. That re-imposition is avoided if Babcock & Wilcox provides evidence that the $3,000,000 installment due to the PBGC by September 15, 2026 has been paid.

Does Babcock & Wilcox get more borrowing capacity from this amendment?

Yes. The amendment increases amounts available to be borrowed based on inventory and receivables in the borrowing base. This structure can give Babcock & Wilcox more liquidity potential, depending on the level and quality of its eligible working capital assets.

What happens to BRC Group Holdings, Inc. in Babcock & Wilcox’s amended agreement?

Under the Tenth Amendment, BRC Group Holdings, Inc. is released as a specified guarantor under the Credit Agreement. This change alters the set of entities providing guarantees to the lenders, potentially shifting how credit support is allocated within the corporate structure.

What other covenant changes are included in Babcock & Wilcox’s Tenth Amendment?

The amendment modifies deposit account control agreement covenants and related institutions to allow certain holdings in foreign currencies. These changes give Babcock & Wilcox more flexibility in how it manages cash and accounts while still operating within lender-required control structures.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/03/2026 - 04:30 PM Learn about SEC filing dates

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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)

Filing Exhibits & Attachments

4 documents

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.7 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 26.7 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 36.5 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 25.4 KB