Babcock & Wilcox Enterprises Announces Agreement to Exchange $73 Million of Secured Term Debt for Preferred Stock
AKRON, Ohio--(BUSINESS WIRE)--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced that on June 1, 2021 it entered into an agreement (the “Exchange Agreement”) with B. Riley Financial, Inc. (together with its affiliates, “B. Riley”) pursuant to which the Company (i) issued B. Riley 2,916,880 shares of the Company’s 7.75% Series A Cumulative Perpetual Preferred Stock, par value $0.01 per share and with a liquidation preference of $25.00 per share (the “Preferred Stock”), representing an exchange price of $25.00 per share plus accrued and unpaid dividends from May 7, 2021, and (ii) paid $850,171 in cash to B. Riley for accrued interest due, in exchange for
