BWXT prices $1.25B 0% convertible notes due 2030 and enters new $1.25B credit facility

BWX Technologies, Inc.

Issued $1.25B aggregate principal of 0% Convertible Senior Notes due Nov 2030; initial conversion price ~$262.51/share (32.5% premium to $198.12).
Initial purchasers fully exercised option to add $150M; total upsized from $1.1B.
Entered capped call transactions (cap $396.24/share) to offset dilution upon conversion.
Net proceeds used: ~$830.8M to repay existing credit facility, ~$116.1M for capped call cost, remainder for general corporate.
New $1.25B senior secured revolving credit facility matures Nov 2030; no outstanding borrowings at close except $1.4M in undrawn LCs.

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