B. Riley Securities, a full-service investment bank, served as lead bookrunner to Babcock & Wilcox Enterprises in its $230 million equity follow-on offering. The offering included participation from institutional and strategic investors, including Applied Digital, which purchased approximately 540,500 shares at the public offering price.
The company intends to use the net proceeds of the offering to prepay amounts outstanding under its credit agreement and subsequently reborrow such amounts under its credit agreement and use any such reborrowed amounts to fund project-related capital and working capital needs to influence steam turbine and boiler production capacity, support growth initiatives, including AI data center power generation projects and BrightLoop technology commercialization, potential acquisitions of aftermarket or other energy businesses, strengthen the company’s balance sheet and for general corporate purposes.
B. Riley’s investment banking team included Bryant Riley, Alex Wolodzko and Joseph Brown. Its capital markets team included Ryan Aceto, Dawn Farrell, Kathy Innis and Bishal Ghosh.
