Babcock & Wilcox Enterprises, Inc. (BW): debt financing — Babcock & Wilcox reduces LC commitment from $110M to $100M, releases $10M collateral

Babcock & Wilcox Enterprises, Inc.

Reduced Letter of Credit commitment from $110M to $100M; may further drop to $90M upon conditions.
Released $10M cash collateral to repay principal on Revolving Credit Agreement.
If obligations unpaid by Dec 31, 2023, a $5M permanent reserve applies against Revolving Credit availability.
Paid $100,000 amendment fee to PNC Bank in connection with the Second Amendment.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Babcock & Wilcox Enterprises, Inc. amended credit facility of reduced from $110,000,000 to $100,000,000 with PNC Bank, National Association.

Instrument: credit facility
Principal: reduced from $110,000,000 to $100,000,000
Counterparty: PNC Bank, National Association
Event: amendment

Exact text from the filing

Agreement, among other things, amends the terms of the Letter of Credit Agreement to (i) reduce the Commitment Amount (as defined in the Letter of Credit Agreement) from $110,000,000 to $100,000,000, (ii) in connection with such reduction, cause PNC as issuer to release $10,000,000 cash collateral (the “Pledged Cash Collateral”) previously pledged by The

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Babcock & Wilcox Enterprises, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-123989

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