Item 1.01 Entry into a Material Definitive Agreement
On December 31, 2019, Babcock & Wilcox Enterprises, Inc. (“we”, “our” or the “Company”) entered into Amendment No. 18 (the “Amendment”) to the Credit Agreement, dated May 11, 2015 (as amended to date, the “Credit Agreement”) with Bank of America, N.A., as administrative agent and lender, and the other lenders party thereto. The Amendment extends the current $205 million sublimit on borrowings under the revolving credit facility portion of the Credit Agreement until January 20, 2020, extends the deadline for completing certain required corporate actions in connection with a refinancing of the Credit Agreement from January 10, 2020 to January 20, 2020 and modifies the definition of Indebtedness in the Credit Agreement to permit B. Riley FBR, Inc. and its affiliates to provide financial support for certain letters of credit provided by the Company.
Certain of the lenders, as well as certain of their respective affiliates, have performed and may in the future perform for the Company and its subsidiaries, various commercial banking, investment banking, lending, underwriting, trust services, financial advisory and other financial services, for which they have received and may in the future receive customary fees and expenses. Certain term loan lenders under the Credit Agreement are also significant shareholders of the Company, as we have previously disclosed in our public reports.
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Item 2.03
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Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
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The information described in Item 1.01 above relating to the Amendment is incorporated into this Item 2.03 by reference.
Item 7.01 Regulation FD Disclosure
On January 7, 2020, the Company issued a press release announcing the Amendment. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
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Item 9.01.
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Financial Statements and Exhibits
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(d) Exhibits
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Exhibit No.
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Description
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Press Release, dated January 7, 2020.
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