Babcock & Wilcox Enterprises amended its credit agreement to comprehensively refinance its debt in advance of its March 15, 2020 requirement.

Under the terms of the agreement, B. Riley FBR has agreed to fully backstop $200 million in debt refinancing, which will be used to fully repay the existing revolving credit facility balance by May 11, 2020, and to provide an additional $30 million under Tranche A-4 of the company’s last out term loans to support the company’s growth.

The company’s senior lender syndicate has agreed to provide a new revolving credit facility on May 11, 2020 with $30 million of borrowing availability, in addition to increased availability for letters of credit. According to a related 8-K filing, Bank of America served as administrative agent.

Finally, the agreement sets a maturity date for the new revolving credit facility and letters of credit of January 1, 2022.

“This critical agreement represents a significant milestone for B&W as we build on the improvements we made in 2019 to return to profitability and position the company for growth. We appreciate the ongoing commitment of B. Riley FBR, and our lender group to support B&W’s future,” said Kenneth Young, B&W CEO. “We expect this agreement to provide the financial stability to drive B&W’s ongoing transformation. Now, we are able to continue to move forward and focus on enhancing our core strengths, delivering our world-class technologies and services to our customers, and generating sustained value for our shareholders.”

Akron, OH-based Babcock & Wilcox Company, is an advanced energy and environmental technologies and services provider for the power, renewable and industrial markets.