Babcock & Wilcox Enterprises Inc | 7.75% Series A Cumulative Preferred Stock (BW.PRA)
Prospectus excerpt: Babcock & Wilcox Enterprises, Inc. is offering 4,000,000 shares of our 7.75% Series A Cumulative Perpetual Preferred Stock, par value $0.01 per share, with a $25.00 liquidation preference per share (the “Series A Preferred Stock”), pursuant to this prospectus supplement and the accompanying prospectus. Dividends on the Series A Preferred Stock, when, as and if declared by our board of directors (the “Board”) or any duly authorized committee of the Board, will be payable on the liquidation preference amount, on a cumulative basis, quarterly in arrears on March 31, June 30, September 30 and December 31 of each year. The first dividend on the Series A Preferred Stock, when, as and if declared, will be paid on June 30, 2021, which will be for less than a full quarter after the initial issuance of the Series A Preferred Stock and will cover the period from the first date we issue and sell the Series A Preferred Stock through, but not including, June 30, 2021. Subject to the preferential rights, if any, of the holders of any class or series of our capital stock ranking senior to the Series A Preferred Stock as to dividends (of which none exist at this time), holders of Series A Preferred Stock will be entitled to receive, when and as declared by our Board or any duly authorized committee of the Board, only out of funds legally available for the payment of dividends, cumulative cash dividends at the annual rate of 7.75% of the $25.00 liquidation preference per year (equivalent to $1.9375 per year).
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Babcock & Wilcox Enterprises is an environmental and thermal technologies provider that provides energy and emissions control solutions to a range of industrial, electrical utility, municipal and other customers. Co.'s products and services are organized into the following segments: Babcock & Wilcox Renewable, which includes technologies for sustainable power and heat generation; Babcock & Wilcox Environmental, which includes a suite of emissions control and environmental technology solutions; and Babcock & Wilcox Thermal, which includes steam generation equipment, aftermarket parts, construction, maintenance and field services. Preferred: BW.PRA Open the BW Information Page » |
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