CHARLOTTE, N.C.--(BUSINESS WIRE)--
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 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 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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Source: Babcock & Wilcox Enterprises, Inc.