Company: BWNB
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001630805-25-000007
Chunk: 89

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 89
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G/GMAB disposition or (b) November 15, 2024; (iii) amends the definition of Cash Dominion Event to mean a continuing event of default or failure of the Company to maintain availability of the lesser of (x) the minimum availability amount and (y) 15% of the loan cap (previously $7.5 million or 15% of the loan cap); (iv) amends the definition of Consolidated Adjusted EBITDA to add back certain recoveries from a representations and warranties insurance policy claim related to B&W Solar, up to $6.8 million; and (v) provides that the Letter of Credit sublimit shall be reduced on a dollar-for-dollar basis with any Specified L/C Paydown made pursuant to the Second Amendment.

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At December 31, 2024, we had a total of $124.4 million outstanding on the Credit Agreement, which includes $35.1 million drawn on the revolving credit portion of the facility and $89.3 million drawn on the letter of credit portion. At December 31, 2024, cash collateralizing the letters of credit totaling $89.3 million is classified as current Restricted cash given the classification of the Credit Agreement as current.Other Loans PayableAs of December 31, 2024, we had loans payable of $133.7 million, net of debt issuance costs of $0.5 million. Included in these amounts, we had approximately $9.3 million, net of debt issuance costs of $0.5 million, related to sale-leaseback financing transactions. The remaining future cash payments related to the sale-leaseback financing transactions for each year ending December 31 are as follows:2025$1,137 20261,122 2027782 2028800 2029818 Thereafter12,513 Total minimum liability requirements$17,172 Imputed interest (7,434)Total$9,738 At December 31, 2023, we had loans payable of $41.6 million, net of debt issuance costs of $0.5 million, of which $6.2 million is classified as current and $35.4 million as long term in the Consolidated Balance Sheets. Included in these amounts, we had approximately $12.3 million, net of debt issuance costs of $0.5 million, related to sale-leaseback financing transactions. Revolving and Letter of Credit Agreements with