Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 45

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 45
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 into a credit agreement (as amended, restated or otherwise modified from time to time, the “Credit Agreement”)
with certain of its subsidiaries as guarantors, the lenders party thereto from time to time and Axos Bank (“Axos”) as administrative
agent. Under the Credit Agreement, the net cash proceeds from any equity issuance must first be applied to prepay the loans outstanding
under the Credit Agreement; however, we may reborrow any amounts prepaid, subject to customary conditions.

We intend to use the net
cash proceeds of this offering to prepay amounts outstanding under our Credit Agreement and subsequently reborrow such amounts under our
Credit Agreement, and intend to use any such reborrowed amounts for working capital and general corporate purposes. Pending such use,
we may invest the net proceeds in short-term interest-bearing accounts, securities or similar investments. The precise amount and timing
of the application of the net proceeds will depend upon our capital requirements and the availability of other funds.

The Credit Agreement provides
for an up to $150.0 million asset-based revolving credit facility (with availability subject to a borrowing base calculation) (the “Credit
Facility”), including a $90.0 million letter of credit sublimit. Our obligations under the Credit Agreement are guaranteed by certain
of our domestic and foreign subsidiaries.

As of October 31, 2025, we
had approximately $66.8 million outstanding under our Credit Agreement. The Credit Agreement has a maturity date of January 18, 2027;
provided that, if, by November 30, 2026, the 6.50% Senior Notes have not been repaid, defeased, or otherwise satisfied in full or refinanced,
or the maturity date of the 6.50% Senior Notes has not otherwise been extended to a date on or after July 18, 2027, then the maturity
date of the Credit Agreement will be November 30, 2026. The interest rates applicable under the Credit Agreement are: (i) with respect
to SOFR Loans, (a) SOFR plus 5.25% if the outstanding principal amount of loans is equal to or less than $100 million or (b) SOFR plus
4.00% if the outstanding principal amount of loans is equal to or greater than $100 million; (ii) with respect to Base Rate Loans, the
greater of (a) the Federal Funds Rate plus 2.00% plus the Applicable Margin (as defined in