Babcock & Wilcox Enterprises entered into agreements (the “Financing Agreements”) with PNC Bank and an affiliate of MSD Partners, L.P. (“MSD Partners”) under which PNC has provided an up to $50 million asset-based revolving credit facility and availability for up to $125 million of letters of credit to B&W, and MSD Partners will provide cash collateral to support the letter of credit availability. The Financing Agreements have a maturity date of June 30, 2025.

All obligations under the Company’s prior Credit Agreement with Bank of America as administrative agent have been discharged, and the Credit Agreement has been terminated. Under the terms of the prior Credit Agreement, approximately $9 million in deferred fees have been waived due to the Company’s successful refinancing prior to July 1, 2021.

“The closing of this new facility is a significant accomplishment that demonstrates the strength of our company going forward and reflects the confidence of our lenders and our shareholders in our business and its future growth,” said Kenneth Young, B&W Chairman and Chief Executive Officer. “With financing in place through June 2025, and long-term availability to support multi-year projects, we have a new start to build on our strong global growth strategy, continue to invest in our renewable, environmental, thermal and decarbonization technologies and evaluate potential acquisitions. The new senior facility will directly support new projects this year and ongoing projects as we leverage the strength of our experienced management team, improved balance sheet and robust pipeline to increase shareholder value while driving a worldwide industrial transformation to a green environmental future.”

Evercore served as the exclusive financial advisor to B&W.