Babcock & Wilcox Enterprises Inc. (NYSE: BW) completed its underwritten public offering of 12,432,432 shares of common stock at $18.50 per share, generating gross proceeds of approximately $230 million before fees and expenses.

The offering included the full exercise of underwriters' option to purchase an additional 1,621,621 shares. The company plans to use net proceeds to prepay amounts under its Credit Agreement, then reborrow to fund project-related capital and working capital for steam turbine and boiler production capacity.

The proceeds will also support growth initiatives including AI data center power generation projects and BrightLoop technology commercialization, potential acquisitions of aftermarket or other energy businesses, balance sheet strengthening and general corporate purposes.

Applied Digital Corporation purchased approximately 540,500 shares at the public offering price. "We are pleased to support Babcock & Wilcox in this transaction," said Wes Cummins, Chairman and Chief Executive Officer of Applied Digital. "We believe the Company is well positioned to capitalize on growing demand for power infrastructure supporting AI and high-performance computing applications."

B. Riley Securities served as lead book-running manager, with Craig-Hallum and Lake Street Capital Markets as joint book-running managers. Northland Capital Markets acted as co-manager.

The shares were offered under the company's shelf registration statement on Form S-3, declared effective by the Securities and Exchange Commission on April 8, 2025.