BWX Technologies entered into an amendment of its May 11, 2015 credit agreement with Bank of America, as administrative agent and swingline lender, adding a new term loan facility of up to $112.5 million and a new Canadian term loan facility of up to the equivalent of $137.5 million.
The term loans have maturity dates of June 30, 2020, provided they are drawn by December 31, 2016, in which case BWX Technologies will be required to make quarterly amortization payments in an amount equal to 1.25% of the aggregate principal amount of the incremental term loans that are utilized.
The proceeds of these two incremental term facilities will be used by the nuclear component and fuel supplier for working capital, capital expenditures, permitted acquisitions and other corporate purposes.
BNP Paribas, JPMorgan Chase, Wells Fargo and Credit Agricole acted as co-syndication agents. Regions Bank, TD Bank, Keybank and U.S. Bank acted as co-documentation agents. Branch Banking and Trust, Citizens Bank of Pennsylvania and Northern Trust Company acted as managing agents. Merrill Lynch, Pierce, Fenner & Smith, BNP Paribas Securities, J.P. Morgan Securities, Wells Fargo Securities and Credit Agricole served as joint lead arrangers and book managers.