Company: BWNB
Filing Date: 2025-07-10
Form Type: 8-K
Source: 0001104659-25-066984
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Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-07-10
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 July 3, 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 Eighth Amendment to Credit Agreement (the
“ Eighth Amendment”), to that certain Credit Agreement, dated as of January 18, 2024 (as amended, restated, modified, or
supplemented from time to time, the “ Credit Agreement”). Capitalized terms have the meaning as defined in the Eighth
Amendment. Pursuant to the Eighth Amendment, Axos and the Lenders party to the Credit Agreement consented to amend certain
provisions of the Credit Agreement to, among other things, (i) temporarily increase the amounts available to be borrowed based on
inventory in the borrowing base under the Credit Agreement, and (ii) temporarily reduce the amount of the PBGC Reserve by
$3,000,000, provided that (A) such temporary reduction shall terminate upon the earlier to occur of (x) the date of the consummation
of any Disposition of material assets of the Loan Parties or (y) September 15, 2025 and (B) such reduction shall be permanent
following the Company’s repayment of the September 2025 PBGC Installment, in an aggregate amount equal to $3,000,000 on or
prior to September 15, 2025. As a condition to the forgoing consent and agreements, the Company agreed to apply the net cash
proceeds from the Diamond Power Disposition in the following order and amounts: (i) to the repayment of the September 2025 PBGC
Installment, in an aggregate amount equal to $3,000,000; (ii) to the repayment of Revolving Loans under the Credit Agreement, in an
aggregate amount equal to $48,300,000 (which amounts may be reborrowed in whole or in part to the extent permitted under the Credit
Agreement at such time and may be used for purposes permitted under the Credit Agreement, including for working capital needs);
(iii) to the partial repayment of the Unsecured Notes; and (iv) the
remainder to be retained by the Company in accounts subject to finance working capital, capital expenditures and acquisitions and
for general