BWX Technologies Inc.'s Proposed $1 Billion Convertible Bond Offering Rated 'BB-'

NEW YORK (S&P Global Ratings) Nov. 4, 2025--S&P Global Ratings today assigned its 'BB-' issue-level rating with a recovery rating of ?5? (rounded estimate recovery of 10%) to BWX Technology Inc.?s proposed $1 billion convertible bond offering. The company will use the proceeds to repay its existing $250 million term loan due April 2027 and drawn amounts on its existing revolving credit facility (RCF), as well as paying related transaction fees and adding about $100 million to its balance sheet. In addition to the new convertible note offering, the company will amend and extend the maturity of its existing $750 million RCF to 2030 and increase the amount to $1.25 billion. We anticipate the RCF will be undrawn at the

...November 5, 2025 NEW YORK (S&P Global Ratings) Nov. 4, 2025--S&P Global Ratings today assigned its '##-' issue- level rating with a recovery rating of `5' (rounded estimate recovery of 10%) to BWX Technology Inc.'s proposed $1 billion convertible bond offering. The company will use the proceeds to repay its existing $250 million term loan due April 2027 and drawn amounts on its existing revolving credit facility (RCF), as well as paying related transaction fees and adding about $100 million to its balance sheet. In addition to the new convertible note offering, the company will amend and extend the maturity of its existing $750 million RCF to 2030 and increase the amount to $1.25 billion. We anticipate the RCF will be undrawn at the close of the transaction. Our '##' issuer credit rating and stable outlook on BWX are unchanged. We anticipate the proposed debt issuance will only marginally increase the company's leverage; thus, we expect its credit measures will remain within our expectations...

Ratings Action