Babcock & Wilcox (BW) Announces Proposed Public Offering of Common Stock

Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced the commencement of an underwritten public offering of shares of its common stock. B&W expects to grant the underwriters a 30-day option to purchase up to an additional 15% of its common stock sold in the proposed offering. All of the shares in the offering are being offered by B&W. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. B&W intends to use the net proceeds of the offering to support clean energy growth initiatives and to substantially pay down its revolving credit facility. In addition, B. Riley Financial, Inc. intends to exchange $35 million of its existing term loan for $35 million principal amount of newly issued senior notes of B&W, having a reduced interest rate compared to its current rate of 12%.

The Company’s largest stockholders, B. Riley Financial, Inc. and Vintage Capital Management, LLC., have informed B&W that they have entered into a privately negotiated agreement pursuant to which B. Riley Financial will purchase approximately 10.7 million shares of B&W common stock from Vintage Capital Management subsequent to the closing of this offering. B&W is not party to this transaction and this transaction is not a condition of this offering. B. Riley Financial, Inc., is the parent of B. Riley Securities, Inc., the lead book-running manager in this offering.

B. Riley Securities, Inc. is serving as the lead book-running manager for the offering. D.A. Davidson & Co. and Janney Montgomery Scott are acting as joint book-running managers for the offering. Lake Street Capital Markets, LLC and National Securities Corporation are acting as co-managers for the offering.

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