BWX Technologies, Inc. filed a Form 8-K on November 3, 2026, disclosing that it entered into a First Amendment to its Second Amended and Restated Credit Agreement, extending its senior secured revolving credit facility and modifying certain financial covenants and pricing terms.

Key Highlights

  • Maturity extended: The $1.25 billion senior secured revolving credit facility maturity was extended by one year to November 10, 2031.
  • Amendment date: The First Amendment was entered into on November 3, 2026, amending the Credit Agreement originally dated November 10, 2025.
  • Interest coverage ratio modified: The minimum interest coverage ratio no longer applies if no default or event of default exists and the company obtains investment grade ratings (stable outlook or better) from at least two designated rating agencies.
  • Pricing grid change: The pricing grid was modified to be based on the lower of the existing leverage-ratio-tied grid and a grid tied to the company's corporate or corporate family rating from designated rating agencies.
  • Administrative agent: Wells Fargo Bank, National Association, serves as administrative agent under the amended agreement.
  • Existing terms preserved: According to the filing, except as amended, "the terms of the Credit Agreement remain in full force and effect."

BWX Technologies Amends Credit Agreement, Extends Revolving Facility and Adjusts Covenants

BWX Technologies, Inc. (NYSE:BWXT) disclosed in a November 3, 2026 Form 8-K that it entered into a First Amendment to its Second Amended and Restated Credit Agreement. The amendment involves Wells Fargo Bank, National Association, as administrative agent, along with subsidiary guarantors and other lenders party to the agreement. The underlying Credit Agreement was originally dated November 10, 2025.

According to the filing, the amendment accomplishes three primary changes. First, it extends the maturity of the $1.25 billion senior secured revolving credit facility by one year, moving the expiration date to November 10, 2031. Second, it modifies the minimum interest coverage ratio covenant so that it no longer applies when no default or event of default exists and the company holds investment grade corporate or corporate family ratings at a stable outlook or better from at least two designated rating agencies. Third, it adjusts the pricing grid so that pricing is determined by the lower of the existing leverage-ratio-based grid and a ratings-based pricing grid tied to the company's corporate or corporate family rating from designated rating agencies.

The company also triggered Item 2.03 of the Form 8-K, which covers the creation of a direct financial obligation, by incorporating the Item 1.01 disclosure by reference. The filing notes that the description of the amendment "is only a summary, does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment," which was filed as Exhibit 10.1. The report was signed by Michael T. Fitzgerald, Senior Vice President and Chief Financial Officer.

What Was Disclosed

BWX Technologies reported entering into a credit agreement amendment on November 3, 2026, extending its $1.25 billion revolving facility maturity to November 10, 2031 and modifying its interest coverage ratio covenant and pricing grid structure.