Babcock & Wilcox Enterprises Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation
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Item 1.01 Entry into a Material Definitive Agreement
On February 25, 2026, Babcock & Wilcox Enterprises, Inc. (the “Company”) with certain subsidiaries of the Company as guarantors, BRC Group Holdings, Inc. (formerly known as B. Riley Financial, Inc.) (“BRC”), the lenders party to the Credit Agreement (as defined below), and Axos Bank (“Axos”), as administrative agent, entered into the Tenth Amendment to Credit Agreement and Amendment to Security Agreement (the “Tenth Amendment”), to that certain Credit Agreement, dated as of January 18, 2024 (as amended, restated, modified, or supplemented from time to time, the “Credit Agreement”). Capitalized terms have the meaning as defined in the Tenth Amendment. Pursuant to the Tenth Amendment, Axos and the Lenders party to the Credit Agreement agreed to amend certain provisions of the Credit Agreement to, among other things, (i) increase the amounts available to be borrowed based on inventory and receivables in the borrowing base under the Credit Agreement; (ii) extend the maturity date of the Credit Agreement to January 18, 2028; (iii) suspend the PBGC Reserve (provided that the PBGC Reserve shall be re-imposed in the amount of $3,000,000 on January 1, 2027 unless the Company has provided evidence to Axos that the $3,000,000 installment due to the PBGC on or prior to September 15, 2026 has been paid); (iv) modify the covenants relating to deposit account control agreements and institutions to allow for certain holdings in foreign currencies; and (v) release BRC as a specified guarantor thereunder.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference into this Item 2.03.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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BABCOCK & WILCOX ENTERPRISES, INC. |
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| March 3, 2026 |
By: |
/s/ Cameron Frymyer |
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Cameron Frymyer |
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| Executive Vice President and Chief Financial Officer (Principal Accounting Officer and Duly Authorized Representative) | ||