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Babcock & Wilcox Enterprises Announces Closing of $297.5 Million of Common Stock and Senior Notes Offerings

2/16/2021

In addition, B. Riley Financial exchanged $35 million of its existing Tranche A term loan for senior notes Net proceeds to be used to substantially pay down debt and invest in clean energy growth initiatives (AKRON, Ohio – February 16, 2021) – 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 $5.85 per share, for gross proceeds of approximately $172.5 million. The Company also announced that on February 12, 2021 it closed an underwritten public offering of $125.0 million aggregate principal amount of 8.125% senior notes due 2026, which included $5 million aggregate principal amount of senior notes issued in connection with the underwriters’ option to purchase senior notes. Gross proceeds for both offerings are exclusive of underwriting discounts and commissions and estimated offering expenses payable by the Company.
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Babcock & Wilcox Enterprises Announces Pricing of Common Stock Offering

2/10/2021

(AKRON, Ohio – February 10, 2021) – Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced that it priced an underwritten registered public offering of 25,641,026 shares of its common stock at a price to the public of $5.85 per share (the “Offering”), for gross proceeds of approximately $150 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company has granted the underwriter a 30-day option to purchase up to an additional 3,846,154 of its common stock sold in the proposed offering at the public offering price, less underwriting discounts and commissions. The offering is expected to close on February 12, 2021, subject to customary closing conditions.
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Babcock & Wilcox Enterprises Releases Preliminary Fourth Quarter and Full Year 2020 Results

2/9/2021

Preliminary Q4 2020 Highlights: Revenues of $149.9 million Net income of $2.4 million Earnings per share of $0.04 Consolidated adjusted EBITDA of $16.1 million Bookings of $167 million Preliminary Full Year 2020 Highlights: Revenues of $566.3 million Net income of $(12.5) million Earnings per share of $(0.26) Consolidated adjusted EBITDA of $45.1 million Bookings of $645 million Minimum required pension funding contributions reduced by $107 million or 75% (AKRON, Ohio – February 9, 2021) – Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced certain preliminary results for the fourth quarter and full year 2020.
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Babcock & Wilcox Enterprises Announces Proposed Public Offering of $110 million of Senior Notes Due 2026

2/9/2021

Announces intent of B. Riley Financial to exchange $35 million of its existing term loan for senior notes Proceeds to be used to support clean energy growth initiatives and restructure senior and term debt Revolving credit facility to be permanently reduced by 75% of the senior note value, exclusive of the value of the B. Riley Financial term loan exchange Interest on remaining Tranche A term loan to be significantly reduced (AKRON, Ohio – February 9, 2021) – Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced the commencement of an underwritten public offering of $110 million aggregate principal amount of senior notes due 2026.  B&W expects to grant the underwriters a 30-day option to purchase additional senior notes in connection with the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
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Babcock & Wilcox Enterprises Announces Proposed Public Offering of Common Stock

2/9/2021

Proceeds to be used to support clean energy growth initiatives and retire debt B. Riley Financial to acquire 10.7 million shares from Vintage Capital Management Announces intent of B. Riley Financial to exchange $35 million of its existing term loan for newly issued senior notes   (AKRON, Ohio – February 9, 2021) – Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced the commencement of an underwritten public offering of shares of its common stock. B&W expects to grant the underwriters a 30-day option to purchase up to an additional 15% of its common stock sold in the proposed offering. All of the shares in the offering are being offered by B&W. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. B&W intends to use the net proceeds of the offering to support clean energy growth initiatives and to substantially pay down its revolving credit facility. In addition, B. Riley Financial, Inc. intends to exchange $35 million of its existing term loan for $35 million principal amount of newly issued senior notes of B&W, having a reduced interest rate compared to its current rate of 12%.
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