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Wells Fargo Leads Upsize for BWX Technologies

March 26, 2020, 09:00 AM
Filed Under: Industry News
Related: Wells Fargo Bank

BWX Technologies, Inc. announced that it has entered into an amendment to its May 24, 2018 credit agreement with Wells Fargo Bank, N.A. and other lenders that increases its borrowing capacity while delivering lower rates for the company.

The amendment provides, among other things, additional commitments to increase the Revolving Credit Facility (“the Facility”) from $500 million to $750 million, extends the maturity date of the Facility by approximately two years to March 24, 2025, modifies the applicable margin for borrowings under the Facility and modifies the commitment fee on the unused portion of the Facility.

“Securing this amendment to our credit facility is an important step for BWXT, and we appreciate our banks working closely with us to deliver the additional commitments in spite of challenges in the current market environment,” said David Black, senior vice president and chief financial officer. “This amended credit facility gives us increased borrowing capacity and an extended debt maturity profile with an overall reduction in rates that will continue to provide balance sheet flexibility while allowing us to fund capital investments and future growth opportunities.”

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