On Thursday, November 6, 2025, BWX Technologies priced a $1.1 billion aggregate principal amount of 0% convertible senior notes due 2030, an increase from the previously announced $1.0 billion. The notes carry no interest and convert at a rate of 3.8094 shares per $1,000 principal, with an initial conversion price of $262.51 per share, a 32.5% premium over the last reported sale price of $198.12 on November 5.
Net proceeds are expected to be approximately $1.075 billion, with $116.1 million allocated to capped call transactions, $830.8 million to repay the existing credit facility, and the remainder for general corporate purposes. Concurrently, BWX will enter into a new five‑year $1.25 billion senior secured revolving credit facility to replace the current facility.
The financing strengthens BWX’s balance sheet by reducing debt and providing liquidity for ongoing operations and strategic initiatives. The convertible structure offers potential upside for investors while allowing the company to defer interest expense until conversion or maturity, positioning BWX to support its growth plans in defense, commercial, and medical nuclear markets.
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