B&W Continues To Work Toward Debt Refinancing
January 24 2020 - 5:52PM
Business Wire
Babcock & Wilcox Enterprises, Inc. (NYSE: BW) (B&W)
announced today that the Company continues to work toward
refinancing its current senior debt and extending its maturity and,
as a result, has entered into an Amendment to further extend the
deadline for completing certain required corporate actions in
connection with the refinancing of its existing Credit Agreement.
The deadline to complete these actions has been extended from
January 20, 2020 to January 31, 2020. As previously disclosed, the
Company is required to refinance by March 15, 2020.
“We are continuing to work closely with our existing lenders to
reach an agreement that will provide long-term restructuring of our
debt,” said Kenneth Young, B&W Chief Executive Officer. “We
expect to make a further announcement regarding the agreement on or
before January 31, 2020.”
Forward-Looking Statements
B&W cautions that this release contains forward-looking
statements, including, without limitation, statements relating to
the timing and terms of further anticipated amendments to our
Credit Agreement, our expected 2019 financial results and our
ability to satisfy our 2020 objectives. These forward-looking
statements are based on management’s current expectations and
involve a number of risks and uncertainties, including, among other
things, our ability to continue as a going concern; our recognition
of any asset impairments as a result of any decline in the value of
our assets or our efforts to dispose of any assets in the future;
our ability to obtain and maintain sufficient financing to provide
liquidity to meet our business objectives, surety bonds, letters of
credit and similar financing; our ability to satisfy or obtain
waivers of the requirements under the Credit Agreement, as amended;
our ability to refinance the Credit Agreement in a timely manner,
if at all; our ability to obtain waivers of required pension
contributions; the highly competitive nature of our businesses;
general economic and business conditions, including changes in
interest rates and currency exchange rates; cancellations of and
adjustments to backlog and the resulting impact from using backlog
as an indicator of future earnings; our ability to perform
contracts on time and on budget, in accordance with the schedules
and terms established by the applicable contracts with customers;
failure by third-party subcontractors, partners or suppliers to
perform their obligations on time and as specified; our ability to
successfully resolve claims by vendors for goods and services
provided and claims by customers for items under warranty; our
ability to realize anticipated savings and operational benefits
from our restructuring plans, and other cost-savings initiatives;
our ability to successfully address productivity and schedule
issues in our Vølund & Other Renewable segment, including the
ability to complete our European EPC projects within the expected
time frame and the estimated costs; our ability to successfully
partner with third parties to win and execute contracts within our
SPIG and Vølund & Other Renewable segments; changes in our
effective tax rate and tax positions, including any limitation on
our ability to use our net operating loss carryforwards and other
tax assets; our ability to maintain operational support for our
information systems against service outages and data corruption, as
well as protection against cyber-based network security breaches
and theft of data; our ability to protect our intellectual property
and renew licenses to use intellectual property of third parties;
our use of the percentage-of-completion method of accounting to
recognize revenue over time; our ability to successfully manage
research and development projects and costs, including our efforts
to successfully develop and commercialize new technologies and
products; the operating risks normally incident to our lines of
business, including professional liability, product liability,
warranty and other claims against us; changes in, or our failure or
inability to comply with, laws and government regulations; actual
or anticipated changes in governmental regulation, including trade
and tariff policies; difficulties we may encounter in obtaining
regulatory or other necessary permits or approvals; changes in, and
liabilities relating to, existing or future environmental
regulatory matters; changes in actuarial assumptions and market
fluctuations that affect our net pension liabilities and income;
potential violations of the Foreign Corrupt Practices Act; our
ability to successfully compete with current and future
competitors; the loss of key personnel and the continued
availability of qualified personnel; our ability to negotiate and
maintain good relationships with labor unions; changes in pension
and medical expenses associated with our retirement benefit
programs; social, political, competitive and economic situations in
foreign countries where we do business or seek new business; the
possibilities of war, other armed conflicts or terrorist attacks;
the willingness of customers and suppliers to continue to do
business with us on reasonable terms and conditions; and our
ability to successfully consummate strategic alternatives for
non-core assets, if we determine to pursue them. If one or more of
these risks or other risks materialize, actual results may vary
materially from those expressed. For a more complete discussion of
these and other risk factors, see our filings with the Securities
and Exchange Commission, including our most recent annual report on
Form 10-K. We caution readers not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release, and undertakes no obligation to update or revise any
forward-looking statement, except to the extent required by
applicable law.
About B&W
Headquartered in Akron, Ohio, Babcock & Wilcox is a global
leader in energy and environmental technologies and services for
the power and industrial markets. Follow us on Twitter
@BabcockWilcox and learn more at www.babcock.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200124005481/en/
Investor Contact: Megan Wilson Vice President, Corporate
Development & Investor Relations Babcock & Wilcox
704.625.4944 | investors@babcock.com
Media Contact: Ryan Cornell Public Relations Babcock
& Wilcox 330.860.1345 | rscornell@babcock.com
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