What changed
BWX Technologies amended its Second Amended and Restated Credit Agreement, extending the maturity of its $1.25 billion senior secured revolving credit facility by one year to November 10, 2031. The amendment also removes the minimum interest coverage ratio requirement if no default exists and the company holds investment grade ratings with stable outlook or better from at least two designated agencies. Pricing will now be based on the lower of the existing leverage-based grid and a grid tied to corporate or corporate family ratings.
Why it matters
BWX Technologies amended its Second Amended and Restated Credit Agreement, extending the maturity of its $1.25 billion senior secured revolving credit facility by one year to November 10, 2031. The am