Babcock & Wilcox offering $50 million perpetual preferreds

By Wendy Van Sickle

Columbus, Ohio, May 3 – Babcock & Wilcox Enterprises, Inc. is offering $50 million of series A cumulative perpetual preferred stock with a liquidation preference of $25.00 per share, according to a news release.

There will be a $7.5 million 30-day greenshoe.

B. Riley Securities, Inc. is the lead bookrunning manager. D.A. Davidson & Co., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc., National Securities Corp. and William Blair & Co. are acting as joint bookrunning managers.

Kingswood Capital Markets, a division of Benchmark Investments, Inc., is acting as lead manager.

Aegis Capital Corp., Boenning & Scattergood, Inc., Huntington Securities, Inc., Incapital LLC and Wedbush Securities Inc. are co-managers.

Proceeds will be used for general corporate purposes, including clean energy growth initiatives, potential future acquisitions and reduction of net leverage.

The preferred shares may be redeemed at par plus accrued dividends after five years.

Akron, Ohio-based Babcock provides support services to military and civilian customers.

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