0001630805-24-000048.txt : 20240701 0001630805-24-000048.hdr.sgml : 20240701 20240701072036 ACCESSION NUMBER: 0001630805-24-000048 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20240628 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240701 DATE AS OF CHANGE: 20240701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Babcock & Wilcox Enterprises, Inc. CENTRAL INDEX KEY: 0001630805 STANDARD INDUSTRIAL CLASSIFICATION: HEATING EQUIPMENT, EXCEPT ELECTRIC & WARM AIR FURNACES [3433] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 472783641 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36876 FILM NUMBER: 241088176 BUSINESS ADDRESS: STREET 1: 1200 E. MARKET STREET, SUITE 650 CITY: AKRON STATE: OH ZIP: 44305 BUSINESS PHONE: 3308606205 MAIL ADDRESS: STREET 1: 1200 E. MARKET STREET, SUITE 650 CITY: AKRON STATE: OH ZIP: 44305 8-K 1 bw-20240628.htm 8-K bw-20240628
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 28, 2024
BABCOCK & WILCOX ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)

Delaware001-3687647-2783641
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
1200 East Market Street
Suite 650
Akron,Ohio44305
(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, including Area Code: (330) 753-4511
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on which Registered
Common stock, $0.01 par value per shareBWNew York Stock Exchange
8.125% Senior Notes due 2026BWSNNew York Stock Exchange
6.50% Senior Notes due 2026BWNBNew York Stock Exchange
7.75% Series A Cumulative Perpetual Preferred StockBW PRANew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


    


Item 1.01 Entry into a Material Definitive Agreement

On June 28, 2024, Babcock & Wilcox Enterprises, Inc. (the “Company”), through B&W PGG Luxembourg Finance Sárl, a subsidiary of the Company (the “Seller”), entered into an agreement to sell the entire issued and outstanding share capital of its subsidiary, Babcock & Wilcox Renewable Service A/S (“BWRS”), to Hitachi Zosen Inova AG (the “Buyer” and such agreement, the “Purchase Agreement”). The sale of BWRS to the Buyer was completed the same day.

The Purchase Agreement provides for a base purchase price equal to approximately $87 million, subject to certain debt and working capital upward or downward adjustments. The Purchase Agreement also includes customary representations and warranties regarding BWRS and its business and assets, as well as certain indemnities with respect thereto. The Company will also undertake a 24-month non-competition and non-solicitation agreement with the Buyer.

The Company does not have any material relationship with the Buyer other than in respect of the transaction.

Item 2.01 Completion of Acquisition or Disposition of Assets

The information presented in Item 1.01 of this Form 8-K is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure

On July 1, 2024, the Company issued a press release announcing the sale of BWRS to the Buyer. A copy of the press release is attached as Exhibit 99.2, and the information contained in Exhibit 99.2 is incorporated herein by reference.

The information furnished pursuant to this Item 7.01, including Exhibit 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01    Financial Statements and Exhibits

(d) Exhibits

Exhibit No.Description
Unaudited Pro Forma Condensed Consolidated Financial Information
Press Release, dated July 1, 2024
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)



2

    

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BABCOCK & WILCOX ENTERPRISES, INC.
July 1, 2024
By:
/s/ Louis Salamone
Louis Salamone
Executive Vice President, Chief Financial Officer
(Principal Accounting Officer and Duly Authorized Representative)

3
 EX-99.1 2 r1exh991proformafinancials.htm EX-99.1 Document
BABCOCK & WILCOX ENTERPRISES, INC.
INDEX TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

UNAUDITED PRO FORMA FINANCIAL INFORMATION

The following unaudited pro forma condensed consolidated financial information, which is based upon estimates by our management, is presented for informational purposes only. It is not intended to be indicative of the actual consolidated results of operations or the actual consolidated financial position that would have been achieved had the transactions or adjustments been consummated as of the dates indicated below, and it does not purport to indicate results that may be attained in the future.

BABCOCK & WILCOX ENTERPRISES, INC.
INDEX TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

PAGE
Unaudited Pro Forma Condensed Consolidated Balance Sheet as of March 31, 2024
Unaudited Pro Forma Condensed Consolidated Statement of Operations for the Three Months Ended March 31, 2024
Unaudited Pro Forma Condensed Consolidated Statement of Operations and Comprehensive Income for the Year Ended December 31, 2023
Notes to the Pro Forma Condensed Consolidated Balance Sheet as of March 31, 2024
Notes to the Pro Forma Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and the Year Ended December 31, 2023




1
BABCOCK & WILCOX ENTERPRISES, INC.
INDEX TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

On June 28, 2024, Babcock & Wilcox Enterprises, Inc. (the “Company”), through B&W PGG Luxembourg Finance Sárl, a subsidiary of the Company (the “Seller”), entered into an agreement to sell the entire issued and outstanding share capital of its subsidiary, Babcock & Wilcox Renewable Services A/S (“BWRS”), to Hitachi Zosen Inova AG (the “Buyer” and such agreement, the “Purchase Agreement). The Sale of BWRS to the Buyer was competed the same day.

The following unaudited pro forma condensed consolidated financial statements are based on our historical consolidated financial statements as adjusted to give effect to the sale of BWRS. The unaudited pro forma condensed consolidated statements of operations for the three months ended March 31, 2024 and the 12 months ended December 31, 2023 give effect to the sale as if it had occurred on January 1, 2023. The unaudited pro forma condensed consolidated balance sheet as of March 31, 2024 gives effect to the transaction as if it had occurred on that date.

The unaudited pro forma condensed consolidated financial statements are presented for illustrative purposes only and are not necessarily indicative of the operating results that would have occurred if the transactions actually occurred on the dates presented or to project our results of operations or financial position for any future period. The information below should be read in conjunction with the Company's consolidated financial statements as of and for three months ended March 31, 2024 and as of and for the year ended December 31, 2023.



2
BABCOCK & WILCOX ENTERPRISES, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
MARCH 31, 2024

(in thousands, except per share amounts)Company HistoricalPro Forma AdjustmentsCondensed Consolidated Pro Forma
Cash and cash equivalents$43,881 $82,997 $126,878 
Current restricted cash and cash equivalents16,935 — 16,935 
Accounts receivable – trade, net124,398 (10,550)113,848 
Accounts receivable – other29,930 (352)29,578 
Contracts in progress107,431 (12,387)95,044 
Inventories, net112,407 (6,886)105,521 
Other current assets22,975 (148)22,827 
Current assets held for sale24,266 — 24,266 
Total current assets482,223 52,674 534,897 
Net property, plant and equipment and finance leases78,514 (1,744)76,770 
Goodwill100,655 (16,410)84,245 
Intangible assets, net42,816 (10,526)32,290 
Right-of-use assets28,641 (182)28,459 
Long-term restricted cash41,636 — 41,636 
Deferred tax assets2,094 — 2,094 
Other assets18,944 (346)18,598 
Total assets$795,523 $23,466 $818,989 
Accounts payable$129,535 $(3,696)$125,839 
Accrued employee benefits11,246 (1,244)10,002 
Advance billings on contracts74,861 (92)74,769 
Accrued warranty expense7,160 (526)6,634 
Current Portion:
Financing lease liabilities1,400 — 1,400 
Operating lease liabilities3,804 (60)3,744 
Other accrued liabilities65,268 (13,157)52,111 
Loans payable4,473 — 4,473 
Current liabilities held for sale35,179 — 35,179 
Total current liabilities332,926 (18,775)314,151 
Senior notes338,388 — 338,388 
Loans payable, net of current portion98,727 — 98,727 
Pension and other postretirement benefit liabilities172,174 — 172,174 
Finance lease liabilities, net of current portion25,839 — 25,839 
Operating lease liabilities, net of current portion25,990 (122)25,868 
Deferred tax liability12,991 (1,015)11,976 
Other non-current liabilities10,955 (1,879)9,076 
Total liabilities1,017,990 (21,791)996,199 
Stockholders' deficit:
Preferred stock, par value $0.01 per share, authorized shares of 20,000; issued and outstanding shares of 7,669 at both March 31, 2024 and December 31, 202377 — 77 
Common stock, par value $0.01 per share, authorized shares of 500,000; issued and outstanding shares of 89,480 and 89,449 at March 31, 2024 and December 31, 2023, respectively5,149 — 5,149 
Capital in excess of par value1,547,671 — 1,547,671 
Treasury stock at cost, 2,139 shares at March 31, 2024 and December 31, 2023, respectively(115,164)— (115,164)
Accumulated deficit(1,591,489)44,057 (1,547,432)
Accumulated other comprehensive loss(69,255)1,200 (68,055)
Stockholders' deficit attributable to shareholders(223,011)45,257 (177,754)
Non-controlling interest544 — 544 
Total stockholders' deficit
(222,467)45,257 (177,210)
Total liabilities and stockholders' deficit
$795,523 $23,466 $818,989 
See accompanying Note to the Condensed Consolidated Balance Sheet


3
BABCOCK & WILCOX ENTERPRISES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2024
(in thousands, except per share amounts)Company HistoricalPro Forma AdjustmentsCondensed Consolidated Pro Forma
Revenues$207,556 $(17,518)$189,095 
Costs and expenses:
Cost of operations159,075 (12,963)145,169 
Selling, general and administrative expenses41,438 (3,302)38,136 
Restructuring activities1,580 — 1,580 
Research and development costs
1,081 — 1,081 
Loss (gain) on asset disposals, net 53 (6)47 
Total costs and expenses203,227 (16,271)186,013 
Operating income4,329 (1,247)3,082 
Other (expense) income:
Interest expense(12,834)27 (12,807)
Interest income307 (149)158 
Loss on debt extinguishment(5,071)— (5,071)
Benefit plans, net96 — 96 
Foreign exchange(1,333)— (1,333)
Total other expense, net
(18,835)(122)(18,957)
Loss before income tax expense(14,506)(1,369)(15,875)
Income tax expense1,293 — 1,293 
Loss from continuing operations(15,799)(1,369)(17,168)
Loss from discontinued operations, net of tax(992)— (992)
Net loss(16,791)(1,369)(18,160)
Net income attributable to non-controlling interest
(42)— (42)
Net loss attributable to stockholders(16,833)(1,369)(18,202)
Less: Dividend on Series A preferred stock3,714 — 3,714 
Net loss attributable to stockholders of common stock$(20,547)$(1,369)$(21,916)
Basic and diluted loss per share
Continuing operations$(0.22)$(0.23)
Discontinued operations(0.01)(0.01)
Basic and diluted loss per share$(0.23)$(0.24)
Basic and diluted shares used in the computation of loss per share89,479 89,479 
Other Comprehensive Loss
Net loss$(16,791)$(1,369)$(18,160)
Other comprehensive (loss) income:
Currency translation adjustment(3,125)1,382 (1,743)
Pension and post retirement adjustments, net of tax231 — 231 
Total other comprehensive loss(2,894)1,382 (1,512)
Total comprehensive loss(19,685)13 (19,672)
Comprehensive income attributable to non-controlling interest(67)— (67)
Comprehensive loss attributable to stockholders$(19,752)$13 $(19,739)
See accompanying Note to the Condensed Consolidated Statement of Operations


4
BABCOCK & WILCOX ENTERPRISES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR YEAR ENDED DECEMBER 31, 2023
(in thousands, except per share amounts)Company HistoricalPro Forma AdjustmentsCondensed Consolidated Pro Forma
Revenues$999,354 $(96,411)$902,943 
Costs and expenses:
Cost of operations775,267 (69,515)705,752 
Selling, general and administrative expenses191,465 (12,522)178,943 
Restructuring activities4,222 — 4,222 
Research and development costs
8,444 — 8,444 
Gain on sale of business— (45,257)(45,257)
Loss on asset disposals, net57 (30)27 
Total costs and expenses979,455 (127,324)852,131 
Operating income19,899 30,913 50,812 
Other (expense) income:
Interest expense(49,895)— (49,895)
Interest income1,192 (74)1,118 
Benefit plans, net(37,505)— (37,505)
Foreign exchange(2,507)— (2,507)
Other expense – net(1,336)— (1,336)
Total other expense, net
(90,051)(74)(90,125)
Loss before income tax expense(70,152)30,839 (39,313)
Income tax expense8,481 658 9,139 
Loss from continuing operations(78,633)30,181 (48,452)
Loss from discontinued operations, net of tax(118,338)— (118,338)
Net loss(196,971)30,181 (166,790)
Net income attributable to non-controlling interest
(237)— (237)
Net loss attributable to stockholders(197,208)30,181 (167,027)
Less: Dividend on Series A preferred stock14,858 — 14,858 
Net loss attributable to stockholders of common stock$(212,066)$30,181 $(181,885)
Basic and diluted loss per share
Continuing operations$(1.05)$(0.71)
Discontinued operations(1.33)(1.33)
Basic and diluted loss per share$(2.38)$(2.04)
Basic and diluted shares used in the computation of loss per share89,011 89,011 
Other Comprehensive Loss
Net loss$(196,971)$30,181 $(166,790)
Other comprehensive (loss) income:
Currency translation adjustment5,555 (1,642)3,913 
Pension and post retirement adjustments, net of tax870 — 870 
Total other comprehensive (loss) income6,425 (1,642)4,783 
Total comprehensive loss(190,546)28,539 (162,007)
Comprehensive loss attributable to non-controlling interest(127)— (127)
Comprehensive loss attributable to stockholders$(190,673)$28,539 $(162,134)
See accompanying Note to the Condensed Consolidated Statement of Operations


5

NOTE TO THE PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 2024

The balance sheet of the Company as of March 31, 2024 reflected the assets and liabilities of Babcock & Wilcox Enterprises, Inc. and the assets and liabilities of BWRS. Upon completion of the transaction, substantially all of the BWRS assets and liabilities will be eliminated. Included in the Pro Forma Adjustments column are the divested assets and liabilities, the costs and expenses to be paid at closing and the estimated net cash proceeds from the transaction. Also included in the Pro Forma Adjustments is a decrease in retained deficit that would have resulted from the gain on the sale of the business.


NOTE TO THE PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND THE YEAR ENDED DECEMBER 31, 2023

The statements of operations for the three months ended March 31, 2024 and year ended December 31, 2023 reflected the revenue, costs and other income (expenses) of the Company. Upon completion of the transaction with the Buyer, substantially all of the revenue, costs and other income (expenses) associated with BWRS will be eliminated, except for those costs and other income (expense) related to retained assets and liabilities not assumed by the Buyer.

The Pro Forma Condensed Consolidated Statement of Operations were prepared to eliminate income and expenses based on the following assumptions:
•All revenue and cost of sales of BWRS will be eliminated with these transactions.
•All selling, general and administrative expenses, research and development costs and corporate allocations of BWRS will be eliminated with the exception of corporate allocations.
•All other income (expense) items of BWRS will be eliminated.
•The gain on the sale of the BWRS business was included in the year ended December 31, 2023.
6
 EX-99.2 3 r2exh992pressrelease.htm EX-99.2 Document
image.jpg
News Release

Babcock & Wilcox Announces Agreement to Sell its
Denmark-Based Renewable Parts and Services Subsidiary

–B&W received $87 million cash at closing, subject to customary adjustments and fees
–The sale aligns with B&W’s comprehensive business strategy to reduce long-term debt and optimize capital structure
–Company reiterates its Full Year 2024 Adjusted EBITDA target range of $105 million to $115 million, excluding BrightLoop™ and ClimateBright™ expenses

(AKRON, Ohio – July 1, 2024) – Babcock & Wilcox Enterprises, Inc. (“B&W” or the “Company”) (NYSE: BW) announced today that it has sold its Denmark-based Babcock & Wilcox Renewable Service A/S (BWRS) subsidiary to Zurich, Switzerland-based Hitachi Zosen Inova AG (HZI) for $87 million, subject to customary fees and adjustments.

BWRS, which employs more than 160 people and provides aftermarket parts and services for waste-to-energy plants in northern Europe and the UK was transferred to HZI upon closing on Friday, June 28, 2024.

“This transaction aligns with our previously announced intention to strategically sell certain non-core businesses and assets, and proceeds will be used to reduce our debt, increase our liquidity and support working capital,” Kenneth Young, B&W Chairman and Chief Executive Officer, said. “Energy demand in the utility and industrial sector is rapidly increasing, which is reflected in our higher bookings and full-year outlook within our segments and businesses as we move forward. Accordingly, we are reiterating our previously stated Full Year 2024 Adjusted EBITDA target range of $105 to $115 million, excluding BrightLoop and ClimateBright expenses.”

“B&W is a leader in technologies that provide clean, renewable energy from waste, and we will continue to leverage our core technologies, including our advanced DynaGrate® combustion grate, state-of-the-art boilers, fuel and ash handling systems and emissions control technologies in the European and global markets to support new build and large upgrade projects,” Young added. “We’re excited about the robust pipeline of opportunities we’re currently pursuing and the opportunity to continue to work closely with customers in these markets well into the future.”

About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.

Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the sale of its Babcock & Wilcox Renewable Service A/S subsidiary to Hitachi Zosen Inova AG, as well as its reiteration of its full year 2024 Adjusted EBITDA target. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

###

image.jpg

Investor Contact:                            Media Contact:
Investor Relations                                Ryan Cornell
Babcock & Wilcox                                Public Relations
704.625.4944                                Babcock & Wilcox
investors@babcock.com                             330.860.1345
rscornell@babcock.com

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Cover
Jun. 28, 2024
Entity Information [Line Items]  
Document Type 8-K
Entity Registrant Name BABCOCK & WILCOX ENTERPRISES, INC.
Entity Incorporation, State or Country Code DE
Document Period End Date Jun. 28, 2024
Entity File Number 001-36876
Entity Tax Identification Number 47-2783641
Entity Address, Address Line One 1200 East Market Street
Entity Address, Address Line Two Suite 650
Entity Address, City or Town Akron,
Entity Address, State or Province OH
Entity Address, Postal Zip Code 44305
City Area Code 330
Local Phone Number 753-4511
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001630805
Amendment Flag false
Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Common stock, $0.01 par value per share
Trading Symbol BW
Security Exchange Name NYSE
Senior Notes 8.125% Due 2026  
Entity Information [Line Items]  
Title of 12(b) Security 8.125% Senior Notes due 2026
Trading Symbol BWSN
Security Exchange Name NYSE
Series A Preferred Stock  
Entity Information [Line Items]  
Title of 12(b) Security 7.75% Series A Cumulative Perpetual Preferred Stock
Trading Symbol BW PRA
Security Exchange Name NYSE
Senior Notes 6.50% Due 2026  
Entity Information [Line Items]  
Title of 12(b) Security 6.50% Senior Notes due 2026
Trading Symbol BWNB
Security Exchange Name NYSE

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