CORRECTING and REPLACING B&W Announces Completion of Rights Offering
02 May 2018 - 12:22AM
Business Wire
Second paragraph of release should read: Subscribers in the
rights offering, including Vintage Capital Management, LLC
(“Vintage”), subscribed for approximately 100.9 million common
shares, or 81.2% of the approximately 124.3 million common shares
available, pursuant to their basic subscription privileges.
Pursuant to the rights offering and the transactions contemplated
by the standby purchase agreement between B&W and Vintage,
Vintage also purchased the remaining 23.4 million common shares
available in the rights offering pursuant to its backstop
commitment. (instead of Subscribers in the rights offering,
including Vintage Capital Management, LLC (“Vintage”), subscribed
for approximately 100.9 common shares, or 81.2% of the
approximately 124.3 million common shares available, pursuant to
their basic subscription privileges. Pursuant to the rights
offering and the transactions contemplated by the standby purchase
agreement between B&W and Vintage, Vintage also purchased the
remaining 23.4 common shares available in the rights offering
pursuant to its backstop commitment.)
The corrected release reads:
B&W Announces Completion of Rights
Offering
Babcock & Wilcox Enterprises, Inc. (“B&W”) (NYSE: BW)
announced today the completion of its previously announced rights
offering, which expired in accordance with its terms at 5:00 p.m.,
New York City time, on April 30, 2018. Pursuant to the rights
offering, B&W distributed one nontransferable subscription
right to purchase 2.8 common shares at a subscription price of
$2.00 per share for each common share held as of 5:00 p.m., New
York City time, on March 15, 2018.
Subscribers in the rights offering, including Vintage Capital
Management, LLC (“Vintage”), subscribed for approximately 100.9
million common shares, or 81.2% of the approximately 124.3 million
common shares available, pursuant to their basic subscription
privileges. Pursuant to the rights offering and the transactions
contemplated by the standby purchase agreement between B&W and
Vintage, Vintage also purchased the remaining 23.4 million common
shares available in the rights offering pursuant to its backstop
commitment.
The rights offering generated aggregate gross proceeds of
approximately $248.5 million. B&W expects to use a substantial
portion of the net proceeds from the rights offering to repay in
full all of the indebtedness outstanding and its other obligations
under its second lien term loan. B&W intends to use the
remaining proceeds for working capital purposes.
B&W expects the subscription agent to distribute the common
shares purchased in the rights offering on or about Thursday, May
3, 2018.
About B&W
Headquartered in Charlotte, N.C., Babcock & Wilcox is a
global leader in energy and environmental technologies and services
for the power and industrial markets, and has been transforming our
world for 150 years. Follow us on Twitter @BabcockWilcox and learn
more at www.babcock.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180501005816/en/
Babcock & WilcoxInvestor Contact:Chase Jacobson,
704-625-4944Vice President, Investor
Relationsinvestors@babcock.comorMedia Contact:Ryan Cornell,
330-860-1345Public Relationsrscornell@babcock.com
Babcock and Wilcox Enter... (NYSE:BW)
Historical Stock Chart
From Apr 2024 to May 2024
Babcock and Wilcox Enter... (NYSE:BW)
Historical Stock Chart
From May 2023 to May 2024