Company: BWNB
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001630805-25-000090
Chunk: 143

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 143
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 a loss on debt extinguishment of $0.7 million and $6.8 million in the three and nine months ended September 30, 2024 related to the write-off of unamortized deferred financing fees and other costs incurred to exit the Debt Facilities.A summary of usage of letters of credit under the domestic facilities is as follows:September 30,20252024Letters of credit under domestic facilities:  Performance letters of credit$21,258 $15,695 Financial letters of credit15,365 22,550 Total outstanding$36,623 $38,245   Backstopped letters of credit$1,200 $750 Surety backstopped letters of credit12,017 8,742 Letters of credit subject to currency revaluation4,395 4,400 Other Letters of credit, bank guarantees and surety bondsCertain of our subsidiaries, that are primarily outside of the United States, have credit arrangements with various commercial banks and other financial institutions for the issuance of letters of credit and bank guarantees in association with contracting activity.

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We have posted surety bonds to support contractual obligations to customers relating to certain contracts. We utilize bonding facilities to support such obligations, but the issuance of bonds under those facilities is 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: September 30,20252024Letters of credit under non-domestic facilities$623 $594 Surety Bonds 127,680 174,296 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.Other Loans PayableAs of September 30, 2025, we had loans payable of approximately $9.9 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