Attached files
| file | filename |
|---|---|
| EX-5.1 - EXHIBIT 5.1 - Babcock & Wilcox Enterprises, Inc. | exhibit51opinionrightsoffe.htm |
| 8-K - 8-K - Babcock & Wilcox Enterprises, Inc. | a8-krightsoffereing.htm |
News Release
Exhibit 99.1
B&W Announces Completion of Rights Offering
(CHARLOTTE, N.C. – May 1, 2018) – Babcock & Wilcox Enterprises, Inc. (“B&W”) (NYSE: BW) announced today the completion of its previously announced rights offering, which expired in accordance with its terms at 5:00 p.m., New York City time, on April 30, 2018. Pursuant to the rights offering, B&W distributed one nontransferable subscription right to purchase 2.8 common shares at a subscription price of $2.00 per share for each common share held as of 5:00 p.m., New York City time, on March 15, 2018.
Subscribers in the rights offering, including Vintage Capital Management, LLC (“Vintage”), subscribed for approximately 100.9 million common shares, or 81.2% of the approximately 124.3 million common shares available, pursuant to their basic subscription privileges. Pursuant to the rights offering and the transactions contemplated by the standby purchase agreement between B&W and Vintage, Vintage also purchased the remaining 23.4 million common shares available in the rights offering pursuant to its backstop commitment.
The rights offering generated aggregate gross proceeds of approximately $248.5 million. B&W expects to use a substantial portion of the net proceeds from the rights offering to repay in full all of the indebtedness outstanding and its other obligations under its second lien term loan. B&W intends to use the remaining proceeds for working capital purposes.
B&W expects the subscription agent to distribute the common shares purchased in the rights offering on or about Thursday, May 3, 2018.
About B&W
Headquartered in Charlotte, N.C., Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets, and has been transforming our world for 150 years. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.
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Investor Contact: | Media Contact: |
Chase Jacobson | Ryan Cornell |
Vice President, Investor Relations | Public Relations |
Babcock & Wilcox | Babcock & Wilcox |
704.625.4944 | investors@babcock.com | 330.860.1345 | rscornell@babcock.com |
