BWXT Closes Amended and Restated Credit Agreement
October 12 2022 - 3:30PM
Business Wire
BWX Technologies, Inc. (NYSE: BWXT) announced today that it has
closed on an amended and restated credit agreement with Wells Fargo
Bank, N.A. and other lenders that increases the company’s liquidity
while improving a number of key terms for BWXT.
The amended and restated credit agreement, among other things,
provides for a new $250 million Term A Loan that matures Oct. 12,
2027, which the company 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 2 1/2 years to Oct. 12, 2027, and
modifies the leverage-based calculations and covenants under the
amended and restated credit agreement to allow for the netting of
up to $100 million in cash and cash equivalents.
“Securing this financing agreement is an important step for
BWXT, and we appreciate our banks working closely with us to
deliver the additional and extended commitments in today’s unique
market environment,” said Robb LeMasters, senior vice president and
chief financial officer. “The amended and restated credit agreement
provides us with incremental liquidity and an extended debt
maturity profile, as well as other improvements to key terms of our
credit facility that will continue to provide balance sheet
flexibility to support the funding of potential opportunities to
create value for BWXT.”
Additional detail is available in our Form 8-K filed with the
SEC today.
Forward Looking Statements
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 the use of proceeds. These forward-looking statements are
based on management’s current expectations and involve a number of
risks and uncertainties, including, among other things, material
adverse changes in economic or industry conditions generally. If
one or more of these or other risks materialize, actual results may
vary 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 year ended December 31, 2021 and subsequent Quarterly Reports
on Form 10-Q. 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 to the extent required by
applicable law.
About BWXT
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong,
Innovation Driven. Headquartered in Lynchburg, Virginia, 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 remediation, nuclear
medicine and space exploration. With approximately 6,700 employees,
BWXT has 14 major operating sites in the U.S., Canada and the U.K.
In addition, BWXT joint ventures provide management and operations
at more than a dozen U.S. Department of Energy and NASA facilities.
Follow us on Twitter at @BWXT and learn more at www.bwxt.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221012005920/en/
Media Contact Chris Dumond Communications Manager
434.522.5015 cmdumond@bwxt.com
Investor Contact Mark Kratz Vice President, Investor
Relations 980.365.4300 investors@bwxt.com
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