Company: BWNB
Filing Date: 2025-03-05
Form Type: 8-K
Source: 0001104659-25-020869
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Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-03-05
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement

Amendment to Credit Agreement

On February 28, 2025, Babcock & Wilcox Enterprises, Inc. (the “ Company”)
with certain subsidiaries of the Company as guarantors, the lenders party to the Credit Agreement (as defined below), and Axos Bank (“ Axos”),
as administrative agent, entered into the Waiver and Fifth Amendment to Credit Agreement (the “ Fifth Amendment”), to that
certain Credit Agreement dated as of January 18, 2024 (as amended, restated, modified and/or supplemented from time to time, the “ Credit
Agreement”).

Pursuant to the Fifth Amendment, Axos and the
Lenders party to the Credit Agreement modified the Credit Agreement to, among other things, (i) provide a one-time waiver of an event
of default related to the Company’s failure to meet applicable requirements related to the minimum funding standard of The Retirement
Plan for Employees of Babcock & Wilcox Commercial Operations (the “ B& W Pension Plan”) for the plan year ending December
31, 2023 (the “ Specified Plan Year”) for which the Company received a corresponding waiver from the Pension Benefit Guaranty
Corporation (a wholly owned United States government corporation and agency acting on behalf of the B& W Pension Plan), and
(ii) to require the Company to maintain a reserve amount equal to the aggregate contributions required to be made by the Company to the
B& W Pension Plan with respect to the Specified Plan Year (the “ Required Contributions”) for two plan years; provided
that so long as no Default or Event of Default (each as defined in the Credit Agreement) has occurred or is continuing, such reserve
shall reduce the Required Contributions in the reserve to an amount equal to one plan year upon a permitted refinancing pursuant to the
Credit Agreement.

In addition, in connection with the Fifth Amendment, the Pension Benefit Guaranty Corporation, Axos, and the second lien holder entered into a lien subordination
agreement governing, among other things, the subordination of liens, the provision of enforcement rights, and the application of proceeds.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation
under an Off- Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 of this
Current Report on Form 8-K is incorporated herein by reference into this Item 2