Company: BWNB
Filing Date: 2025-05-21
Form Type: 8-K
Source: 0001104659-25-051300
Chunk: 1

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-05-21
Form: 8-K
Item: Item 1.01
Chunk 1
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 lenders party thereto and Axos Bank, as administrative agent (as amended, the “ Credit Agreement”), (ii) the
obligations and lien under the junior secured promissory note with B. Riley and (iii) certain obligations secured by a lien in favor
of the Pension Benefit Guaranty Corporation (a wholly owned United States government corporation and agency acting on behalf of the B& W
Pension Plan (as defined below)) in connection with its waiver of required minimum contributions to the Retirement Plan for Employees
of Babcock & Wilcox Commercial Operations (the “ B& W Pension Plan”).

The New Notes will accrue interest a rate of 8.75% per annum, payable
semi-annually in arrears on June 30 and December 30, starting December 30, 2025. The New Notes will mature on June 30,
2030.

Subject to the intercreditor arrangements discussed above, the Company
may redeem the New Notes at any time, in whole or in part, after May 19, 2026, at a redemption price equal to 100% of the applicable
principal amount being redeemed, plusaccrued and unpaid interest, if any, to, but excluding, the redemption date.

The Indenture contains certain affirmative and negative covenants that,
among other things, limit the Company’s and its subsidiaries’ ability to incur additional indebtedness or liens.

The Indenture contains events of default, including with respect to
a failure to make payments under the New Notes and certain bankruptcy and insolvency events.

The foregoing descriptions of the Security and Pledge Agreement and
Indenture do not purport to be complete and are qualified in their entirety by reference to the full text of the Security and Pledge Agreement, Indenture
and Form of 8.75% Senior Secured Second Lien Notes due 2030, which are attached as Exhibit 10.1, Exhibit 4.1 and Exhibit 4.2,
respectively, to this Current Report on Form 8-K and incorporated herein by reference.

Amendment
to Credit Agreement

In connection
with the Indenture, the Company, certain subsidiaries of the Company, as guarantors, the lenders party to the Credit Agreement and Axos
Bank, as administrative agent entered into the Joinder and Seventh Amendment to Credit Agreement (the “ Seventh Amendment”).
The Seventh Amendment, among other things, permits the Exchange, the issuance of the