BWX Technologies, Inc. announced on November 11, 2026, that it has received the necessary consents to amend the indentures governing its outstanding 4.125% Senior Notes due 2028 and 4.125% Senior Notes due 2029. The company entered into Supplemental Indentures dated November 10, 2026, to eliminate substantially all restrictive covenants and certain events of default. These amendments allow the company to accelerate the satisfaction and discharge of the existing notes.
To facilitate the tender offer and consent solicitation, BWX Technologies deposited U.S. dollar-denominated government securities with the trustee. This action ensures the payment and discharge of the entire indebtedness on the existing notes for principal, premium, and accrued interest. As a result, the company and its guarantors have been released from their obligations under the existing notes and indentures.
In a separate transaction, the company issued $500,000,000 in aggregate principal amount of 6.500% Senior Notes due 2034 on November 13, 2026. The notes were issued pursuant to an Indenture among BWX Technologies, its guarantors, and U.S. Bank Trust Company, National Association, as trustee. The new notes are guaranteed by the company’s present and future wholly owned subsidiaries that are obligors under its existing credit agreement.
The new notes offer semi-annual interest payments of 6.500% per annum, with interest payable on May 15 and November 15 of each year, beginning May 15, 2027. The notes will mature on November 15, 2034. The company may redeem all or any portion of the notes on or after November 15, 2029, at 100% of the principal amount, plus accrued interest. Prior to that date, the company may redeem up to 40% of the notes at a price of 106.500% of the principal amount, provided the amount does not exceed the proceeds of certain equity offerings.
The company utilized the net proceeds from the new notes offering, combined with cash on hand, to fund the purchase of the existing notes tendered in the offer, pay for the satisfaction and discharge of the remaining notes, and cover related costs.
