Babcock & Wilcox Enterprises, Inc. entered into an agreement with its lenders amending and restating its existing credit agreement, dated as of May 11, 2015, among the Company, Bank of America, N.A., as administrative agent and lender, and the other lenders party thereto.

The credit agreement, as amended and restated, refinances and extends the maturity of the Company’s revolving credit facility and last out term loans.

Under the A&R Credit Agreement, B. Riley Financial, Inc. (together with its affiliates, “B. Riley”) has committed to provide the Company with up to $70.0 million of additional last out term loans on the same terms as the term loans extended under the Amended Credit Agreement. An aggregate $30.0 million of this new commitment was funded upon execution of the A&R Credit Agreement.

Of the remaining commitments, at least $35.0 million will be funded in installments, subject to reduction for the gross proceeds from certain equity offerings conducted by the Company, and $5.0 million will be funded upon request by the Company. The proceeds from the $30 million of new term loans will be used to pay transaction fees and expenses and repay outstanding borrowings under the revolving credit facility governed by the A&R Credit Agreement (the “revolving credit facility”).

Proceeds from the additional $40 million of term loans will be used to repay outstanding borrowings under the revolving credit facility, with any remaining amounts used for working capital, capital expenditures, permitted acquisitions and general corporate purposes.

The A&R Credit Agreement also provides that (i) the revolving credit facility continues to be available for issuances of existing and new letters of credit, subject to the L/C Sublimit (as defined below), (ii) the $205.0 million sublimit on borrowings under the revolving credit facility is maintained, and (iii) interest payments on the unpaid principal amount of revolving credit loans incurred during the period from May 14, 2020 through and including August 31, 2020 are deferred and will be paid in six equal installments on the last business day of each calendar month beginning on January 29, 2021 and through June 30, 2021. No swing line borrowings are permitted under the A&R Credit Agreement.