Company: BWNB
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001630805-25-000019
Chunk: 47

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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 typically at the surety's discretion. These bonds generally indemnify customers should we fail to perform our obligations under our applicable contracts. We, and certain of our subsidiaries, have jointly executed general agreements of indemnity in favor of surety underwriters relating to surety bonds the underwriters issue in support of some of our contracting activity. The following table provides a summary of outstanding letters of credit issued outside of the domestic facilities and outstanding surety bonds: March 31,20252024Letters of credit under non-domestic facilities$2,907 $4,085 Surety Bonds $177,426 $146,838  Our ability to obtain and maintain sufficient capacity under our current Debt Facilities is essential to allow us to support the issuance of letters of credit, bank guarantees and surety bonds. Without sufficient capacity, our ability to support contract security requirements in the future will be diminished.

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Interest expense in the Condensed Consolidated Financial Statements consisted of the following components:Three Months Ended March 31,(in thousands)20252024Components associated with borrowings from:Senior notes$6,320 $6,271 Revolving Credit Agreement1,168 1,532 7,488 7,803 Components associated with amortization or accretion of:Revolving Credit Agreement1,609 1,149 Senior notes656 644 2,265 1,793 Components associated with interest from:Lease liabilities591 548 Letter of Credit interest and fees452 1,489 Other interest expense367 381 1,410 2,418 Total interest expense$11,163 $12,014 

 NOTE 13 – CAPITAL STOCK

Preferred StockDuring the three months ending March 31, 2025, our Board of Directors approved dividends totaling $3.7 million to holders of the Preferred Stock. There were no cumulative undeclared dividends of the Preferred Stock at March 31, 2025, and all declared dividends have been paid as of March 31, 2025.Common StockOn April 10, 2024, we entered into the Sales Agreement with the Agents, in connection with the offer and sale from time to time of shares of our common stock, having an aggregate offering price of up to $50.0 million through the Agents. As of March 31, 2025, 3.3 million shares have been sold pursuant to the Sales Agreement, for net proceeds of $5.2 million.