Company: BWNB
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001630805-25-000062
Chunk: 57

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 57
---
 if the Company’s 6.50% Senior Notes due 2026 are not repaid, defeased, or otherwise satisfied in full or refinanced by September 30, 2026, or the maturity date has not otherwise been extended to a date on or after July 18, 2027, then September 30, 2026.On June 18, 2025, the Company with certain subsidiaries of the Company as guarantors, the lenders party to the Credit Agreement and Axos, the administrative agent, amended the Credit Agreement to suspend the B. Riley Guaranty until January 1, 2027.At June 30, 2025, we had a total of $126.5 million outstanding on the Credit Agreement, which includes $54.2 million drawn on the revolving credit portion of the facility and $72.3 million drawn on the letter of credit portion. At June 30, 2025, cash collateralizing the letters of credit totaling $72.3 million is classified as current Restricted cash given the classification of the Credit Agreement as current.As a result of the Ninth Amendment signed on August 8, 2025, the maturity date of the Credit Facility was changed to November 30, 2026 (described in Note 21 to the Condensed Consolidated Financial Statements).Other Loans PayableAs of June 30, 2025, we had loans payable of approximately $9.1 million, net of debt issuance costs of $0.5 million, related to sale-leaseback financing transactions.As of December 31, 2024, we had loans payable of approximately $9.3 million, net of debt issuance costs of $0.5 million, related to sale-leaseback financing transactions.

Revolving and Letter of Credit AgreementsIn June 2021, we entered into the Revolving Credit Agreement with PNC as administrative agent, and the Letter of Credit Agreement, pursuant to which PNC agreed to issue up to $110.0 million in letters of credit that were secured in part by cash collateral provided by MSD, as well as a reimbursement, guaranty and security agreement with MSD, as administrative agent, and the cash collateral providers from time to time party thereto, along with certain of our subsidiaries as guarantors, pursuant to which we are obligated to reimburse MSD and any other cash collateral provider to the extent the cash collateral provided by MSD and any other cash collateral provider securing the Letter of Credit Agreement was drawn