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BWX TECHNOLOGIES INC
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Babcock & Wilcox Co : B&W Closes $700 Million Credit Facility; Extends Maturity to 2017

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06/08/2012 | 07:10pm CEST

The Babcock & Wilcox Company (NYSE: BWC) ("B&W") today announced that it has completed the amendment and restatement of its existing $700 million senior secured credit facility. B&W currently has no borrowings outstanding and approximately $218.5 million of letters of credit outstanding under the amended and restated facility. The entire unused amount is available for the issuance of performance and financial letters of credit, borrowing for working capital needs and general corporate purposes.

The amended and restated facility extends the maturity date of the credit facility to June 2017 and reduces the interest rate on borrowings under the credit facility to LIBOR + 1.5%, which rate will vary if the credit rating for the facility changes. It also includes an option permitting B&W to increase the size of the credit facility by up to an additional $300 million by receiving commitments from new or existing lenders.

"We are pleased with the results of the syndication of our amended and restated credit facility, as well as with the excellent relationships we have with our Lender group," said Anthony S. Colatrella, B&W's Senior Vice President and Chief Financial Officer. "The revised facility increases our financial flexibility and supports our ability to meet our operating and strategic goals."

Merrill Lynch, Pierce, Fenner & Smith Incorporated, BNP Paribas Securities Corp., J.P. Morgan Securities LLC, and Wells Fargo Securities, LLC acted as joint lead arrangers and joint book running managers for the transaction.

About B&W

The Babcock & Wilcox Company is a leader in advanced energy technology and services, primarily for the nuclear, fossil and renewable power markets as well as a premier advanced technology and mission critical defense contractor. B&W has locations worldwide and employs approximately 12,700 people, in addition to approximately 10,400 joint venture employees. Please visit our website at www.babcock.com.

The Babcock & Wilcox Company
Michael P. Dickerson, Vice President and Investor Relations Officer, 704-625-4944
[email protected]


© Business Wire 2012
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Financials ($)
Sales 2018 1 840 M
EBIT 2018 314 M
Net income 2018 257 M
Debt 2018 220 M
Yield 2018 1,03%
P/E ratio 2018 24,58
P/E ratio 2019 21,61
EV / Sales 2018 3,49x
EV / Sales 2019 3,10x
Capitalization 6 209 M
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Consensus
 
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 73,7 $
Spread / Average Target 18%
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Rex D. Geveden President, Chief Executive Officer & Director
John A. Fees Non-Executive Chairman
David S. Black Chief Financial Officer, Treasurer & Senior VP
William E. Russell Chief Technology Officer
Richard Willard Mies Independent Director
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