BWXT Closes Amended and Updated Credit Agreement
LYNCHBURG, Va.–(BUSINESS WIRE)–BWX Technologies, Inc. (NYSE: BWXT) today announced that it has entered into an amended and restated credit agreement with Wells Fargo Bank, NA and other lenders, which increases the company’s liquidity while improving a number of key conditions for BWXT.
The Amended and Restated Credit Agreement, among other things, provides for a new $250 million Term Loan A which matures on October 12, 2027, which the Company has used to repay outstanding borrowings under its existing $750 million revolving credit facility, extends the maturity date of the existing $750 million revolving credit facility by approximately 2½ years to October 12, 2027, and amends calculations based on leverage and covenants under the Amended and Restated Credit Agreement to permit offsetting of up to $100 million in cash and cash equivalents.
“Securing this funding agreement is an important milestone for BWXT, and we appreciate our banks working closely with us to meet the additional and expanded covenants in today’s single market environment,” said Robb. LeMasters, senior vice president and chief financial officer. “The amended and updated credit agreement provides us with additional liquidity and an extended debt maturity profile, as well as other enhancements to key terms of our credit facility that will continue to provide balance sheet flexibility to support funding potential value creation opportunities for BWXT.”
Additional details are available in our Form 8-K filed with the SEC today.
BWXT cautions that this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding product use. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, without limitation, material adverse changes in general economic or industry conditions. If one or more of these or other risks materialize, actual results may differ materially from those expected. For a more complete discussion of other risk factors, see BWXT’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and subsequent quarterly reports on 10-Q form. BWXT cautions 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 as required. by applicable law.
At BWX Technologies, Inc. (NYSE: BWXT), we are strong, innovation-driven people. Based in Lynchburg, Va., BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, environmental sanitation environment, nuclear medicine and space exploration. With approximately 6,700 employees, BWXT has 14 major operating sites in the United States, Canada and the United Kingdom. In addition, BWXT joint ventures manage and operate more than a dozen US Department of Energy and NASA facilities. Follow us on Twitter at @BWXT and learn more about www.bwxt.com.