BWX Technologies has announced pricing and results for cash tender offers covering its 4.125% senior notes due in 2028 and 2029, with investors tendering a combined $741.9 million in principal.
The offers and related consent solicitations expired at 5 p.m. New York time on November 10, 2026. The company accepted all validly tendered notes that had not been withdrawn, subject to satisfaction or waiver of the transaction’s remaining conditions.
Investors tendered $370.591 million of the $400 million outstanding in 2028 notes and $371.309 million of the $400 million outstanding in 2029 notes. Together, those amounts represent approximately 92.7% of the $800 million in principal outstanding across the two series before the offers.
Holders of accepted 2028 notes will receive $983.15 per $1,000 in principal, while holders of accepted 2029 notes will receive $974.44 per $1,000. Both payments exclude accrued and unpaid interest, which will be paid separately through, but not including, the scheduled November 13 settlement date.
The consideration was determined on November 10 using the applicable U.S. Treasury reference securities and a fixed spread of 50 basis points. Purchased notes will be canceled, and interest on those notes will stop accruing on settlement.
The company also received sufficient consents to adopt proposed amendments to the indentures governing both series. Supplemental indentures became effective upon execution, with the amendments becoming operative when the relevant notes are paid for.
Settlement remains conditional on the successful completion of a new notes offering and other requirements described in the tender documents. The new offering is not contingent on completion of the repurchase offers or consent solicitations.
BWX Technologies provides nuclear manufacturing and engineering services across national security, clean energy, nuclear medicine, space exploration and environmental restoration. It employs more than 11,000 people and operates 19 manufacturing facilities globally.
Support: J.P. Morgan Securities served as sole dealer manager and solicitation agent. D.F. King & Co. acted as tender and information agent.
