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B&W Announces Completion of Rights Offering
Subscribers in the rights offering, including Vintage Capital Management, LLC (“Vintage”), subscribed for approximately 100.9 million common shares, or 81.2% of the approximately 124.3 million common shares available, pursuant to their basic subscription privileges. Pursuant to the rights offering and the transactions contemplated by the standby purchase agreement between B&W and Vintage, Vintage also purchased the remaining 23.4 million common shares available in the rights offering pursuant to its backstop commitment.
The rights offering generated aggregate gross proceeds of approximately $248.5 million. B&W expects to use a substantial portion of the net proceeds from the rights offering to repay in full all of the indebtedness outstanding and its other obligations under its second lien term loan. B&W intends to use the remaining proceeds for working capital purposes.
B&W expects the subscription agent to distribute the common shares purchased in the rights offering on or about Thursday, May 3, 2018.
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