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Babcock & Wilcox Enterprises , Inc. (NYSE:BW), a leader in energy and environmental products and services, has entered into a significant amendment to its existing credit agreement and made changes to its bylaws, according to a recent SEC filing.
On February 28, 2025, the company, along with its subsidiaries and lenders, and Axos Bank as the administrative agent, modified its credit agreement to provide a one-time waiver for a default related to pension fund contributions for the year ending December 31, 2023. This waiver aligns with one received from the Pension Benefit Guaranty Corporation. Additionally, the amendment requires Babcock & Wilcox (NYSE:BWXT) to maintain a reserve for two years’ worth of pension contributions, with provisions allowing for a reduction after a permitted refinancing.
The company’s board also approved amendments to the corporate bylaws on February 27, 2025. These amendments incorporate the SEC’s universal proxy rules, revise advance notice provisions for director nominations, and require nominees to be interviewed by board members. The bylaws now also demand detailed disclosures about director nominees and specify that white proxy cards are reserved for board use only.
Other changes include adjustments for procedural matters in accordance with the Delaware General Corporation Law, an exclusive forum provision for certain legal actions, and the right of the board to reschedule or cancel stockholder meetings.
These strategic moves are part of Babcock & Wilcox’s ongoing efforts to ensure compliance with regulatory requirements and to enhance corporate governance practices. The company’s shares are traded on the New York Stock Exchange under the ticker BW, alongside its 8.125% Senior Notes due 2026 (NYSE:BWSN), 7.75% Series A Cumulative Perpetual Preferred Stock (NYSE:BW PRA), and 6.50% Senior Notes due 2026 (NYSE:BWNB).
This report is based on Babcock & Wilcox’s filings with the SEC and reflects the company’s commitment to transparency and regulatory adherence.
In other recent news, Babcock & Wilcox Enterprises , Inc. has announced a dividend for its preferred stockholders. The board of directors approved a dividend of $0.4843750 per share on its 7.75% Series A Cumulative Perpetual Preferred Stock. This dividend is set for shareholders on record as of December 21, 2024, with payment scheduled for December 31, 2024. The company’s preferred stock is listed on the New York Stock Exchange. This announcement was disclosed in Babcock & Wilcox’s latest 8-K filing with the Securities and Exchange Commission. The company maintains a practice of providing returns to its investors, as reflected in this recent decision. Investors holding the company’s preferred stock can expect the dividend payment at the end of the month. This development aligns with Babcock & Wilcox’s established schedule for such disbursements.
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