Filing Details

Accession Number:
0000921895-18-001542
Form Type:
13D Filing
Publication Date:
2018-05-02 17:18:27
Filed By:
Steel Partners
Company:
Babcock & Wilcox Enterprises Inc. (NYSE:BW)
Filing Date:
2018-05-02
SEC Url:
13D Filing
Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
STEEL PARTNERS HOLDINGS 29,975,041 29,975,041 17.8%
SPH GROUP 29,975,041 29,975,041 17.8%
SPH GROUP HOLDINGS 29,975,041 29,975,041 17.8%
STEEL PARTNERS HOLDINGS GP INC 29,975,041 29,975,041 17.8%
STEEL EXCEL INC 29,975,041 29,975,041 17.8%
STEEL PARTNERS LTD 285,000 285,000 LESS THAN 1%
WARREN G. LICHTENSTEIN 285,000 285,000 LESS THAN 1%
Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. 7)1

Babcock & Wilcox Enterprises, Inc.

(Name of Issuer)

Common Stock, par value $0.01

(Title of Class of Securities)

05614L 10 0

(CUSIP Number)

Warren G. Lichtenstein

Steel Partners Holdings L.P.

590 Madison Avenue, 32nd Floor

New York, New York 10022

(212) 520-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

April 30, 2018

(Date of Event Which Requires Filing of This Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 
  1   NAME OF REPORTING PERSON  
         
        STEEL PARTNERS HOLDINGS L.P.  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         29,975,041  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          29,975,041  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        29,975,041  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        17.8%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

2
  1   NAME OF REPORTING PERSON  
         
        SPH GROUP LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         29,975,041  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          29,975,041  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        29,975,041  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        17.8%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

3

 

  1   NAME OF REPORTING PERSON  
         
        SPH GROUP HOLDINGS LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         29,975,041  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          29,975,041  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        29,975,041  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        17.8%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

4

 

  1   NAME OF REPORTING PERSON  
         
        STEEL PARTNERS HOLDINGS GP INC.  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         29,975,041  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          29,975,041  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        29,975,041  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        17.8%  
  14   TYPE OF REPORTING PERSON  
         
        CO  

  

5

 

  1   NAME OF REPORTING PERSON  
         
        STEEL EXCEL INC.  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC, AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         29,975,041  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          29,975,041  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        29,975,041  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        17.8%  
  14   TYPE OF REPORTING PERSON  
         
        CO  

  

6

 

  1   NAME OF REPORTING PERSON  
         
        STEEL PARTNERS LTD.  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         285,000  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          285,000  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        285,000  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        LESS THAN 1%  
  14   TYPE OF REPORTING PERSON  
         
        CO  

  

7

 

  1   NAME OF REPORTING PERSON  
         
        WARREN G. LICHTENSTEIN  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         285,000  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          285,000  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        285,000  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        LESS THAN 1%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

8

The following constitutes Amendment No. 7 to the Schedule 13D filed by the undersigned (“Amendment No. 7”). This Amendment No. 7 amends the Schedule 13D as specifically set forth herein.

Item 2.Identity and Background.

The final paragraph of Item 2(a) is hereby amended and restated to read as follows:

Set forth on Schedule A annexed hereto (“Schedule A”) is the name and present principal business, occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted of (i) the executive officers and directors of Steel Holdings GP, (ii) the executive officers and directors of Steel Excel and (iii) the executive officers and directors of SPL. To the best of the Reporting Persons’ knowledge, except as otherwise set forth herein, including on Schedule A, none of the persons listed on Schedule A beneficially owns any securities of the Issuer or is a party to any contract, agreement or understanding required to be disclosed herein.

Item 3.Source and Amount of Funds or Other Consideration.

Item 3 is hereby amended and restated to read as follows:

The aggregate purchase price of the 29,975,041 Shares owned directly by Steel Excel is approximately $85,487,402, including brokerage commissions. Such Shares were acquired with funds of Steel Excel, borrowings under Steel Excel’s credit facility and funds of an affiliated entity that initially purchased a portion of the Shares prior to being transferred to Steel Excel.

The aggregate purchase price of the 285,000 Shares owned directly by SPL is approximately $730,175, including brokerage commissions. The Shares owned directly by SPL were acquired with the working capital of SPL.

The Reporting Persons effect purchases of securities primarily through margin accounts maintained for them with prime brokers, which may extend margin credit to them as and when required to open or carry positions in the margin accounts, subject to applicable federal margin regulations, stock exchange rules and the prime brokers’ credit policies. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the accounts.

Item 4.Purpose of Transaction.

Item 4 is hereby amended to add the following:

On April 30, 2018, the Issuer completed its previously announced rights offering pursuant to which it distributed one nontransferable subscription right to purchase 2.8 Shares at a subscription price of $2.00 per Share for each Share held as of March 15, 2018 (the “Offering”). Steel Excel and SPL fully exercised their respective basic subscription privileges in the Offering. In addition, Steel Excel purchased 3,400,809 Shares pursuant to Steel Holdings’ previously disclosed agreement with Vintage Capital Management, LLC (“Vintage”) to backstop Vintage’s obligation under the equity commitment agreement entered into between Vintage and the Issuer with respect to the Offering (the “Backstop”).

9
Item 5.Interest in Securities of the Issuer.

Item 5(a) is hereby amended and restated to read as follows:

(a)       The aggregate percentage of Shares reported owned by each person named herein is based upon 168,637,384 Shares outstanding, which is the total number of Shares estimated to be outstanding as of April 30, 2018 as reported in the Issuer’s Prospectus Supplement filed with the Securities and Exchange Commission on April 11, 2018.

As of the close of business on the date hereof, Steel Excel owned directly 29,975,041 Shares, constituting approximately 17.8% of the Shares outstanding. By virtue of their relationships with Steel Excel discussed in further detail in Item 2, each of Steel Holdings, SPHG, SPHG Holdings and Steel Holdings GP may be deemed to beneficially own the Shares owned directly by Steel Excel.

As of the close of business on the date hereof, SPL owned directly 285,000 Shares, constituting less than 1% of the Shares outstanding. By virtue of his relationship with SPL discussed in further detail in Item 2, Warren G. Lichtenstein may be deemed to beneficially own the Shares owned directly by SPL.

The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any Shares he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the Shares reported herein that he or it does not directly own.

Item 5(c) is hereby amended to add the following:

(c)       Steel Excel and SPL purchased 19,581,013 Shares and 210,000 Shares, respectively, for $2.00 per Share pursuant to their respective basic subscription privileges in connection with the Offering. In addition, Steel Excel purchased 3,400,809 Shares for $2.00 per Share in connection with the Backstop. There were no other transactions in the Shares by the Reporting Persons since the filing of Amendment No. 6 to the Schedule 13D.

10

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. 

Dated: May 2, 2018 STEEL PARTNERS HOLDINGS L.P.
   
  By: Steel Partners Holdings GP Inc.
General Partner
   
  By:

/s/ Douglas B. Woodworth

   

Douglas B. Woodworth,

Senior Vice President and Chief Financial Officer

 

 

  SPH GROUP LLC
   
  By: Steel Partners Holdings GP Inc.
Managing Member
   
  By:

/s/ Douglas B. Woodworth

   

Douglas B. Woodworth,

Senior Vice President and Chief Financial Officer

 

 

  SPH GROUP HOLDINGS LLC
   
  By: Steel Partners Holdings GP Inc.
Manager
   
  By:

/s/ Douglas B. Woodworth

   

Douglas B. Woodworth,

Senior Vice President and Chief Financial Officer

 

  STEEL PARTNERS HOLDINGS GP INC.
   
  By:

/s/ Douglas B. Woodworth

   

Douglas B. Woodworth,

Senior Vice President and Chief Financial Officer

 

11

 

  STEEL EXCEL INC.
   
  By:

/s/ Douglas B. Woodworth

   

Douglas B. Woodworth,

Treasurer

 

 

  STEEL PARTNERS LTD.
   
  By:

/s/ Mario Marcon

   

Mario Marcon,

Chief Financial Officer

 

 

 

/s/ Mario Marcon

  Mario Marcon
as Attorney-In-Fact for Warren G. Lichtenstein

 

12

SCHEDULE A

Executive Officers and Directors of Steel Partners Holdings GP Inc.

Name and Position   Present Principal Occupation   Business Address
         

Warren G. Lichtenstein,

Executive Chairman and Director

  Executive Chairman of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company  

c/o Steel Partners Holdings L.P.

590 Madison Avenue, 32nd Floor

New York, NY 10022

         

Jack L. Howard1,

President and Director

  President of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company, and a principal of Mutual Securities, Inc., a registered broker dealer  

c/o Steel Partners Holdings L.P.

590 Madison Avenue, 32nd Floor

New York, NY 10022

         

Douglas B. Woodworth,

Senior Vice President and Chief Financial Officer

  Senior Vice President and Chief Financial Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company  

c/o Steel Partners Holdings L.P.

590 Madison Avenue, 32nd Floor

New York, NY 10022

         

William T. Fejes,

President of the Steel Services, Ltd. subsidiary and Diversified Industrial segment

  President of the Steel Services, Ltd. subsidiary and Diversified Industrial segment of Steel Partners Holdings L.P., a global diversified holding company  

c/o Steel Partners Holdings L.P.

590 Madison Avenue, 32nd Floor

New York, NY 10022

         

Lon Rosen,

Director

  Executive Vice President and Chief Marketing Officer for the Los Angeles Dodgers  

c/o Steel Partners Holdings L.P.

590 Madison Avenue, 32nd Floor

New York, NY 10022

         

John P. McNiff,

Director

  Chairman of Discovery Capital Management, LLC, a multi-strategy hedge fund  

1 Fayette Street,

Conshohocken, PA 19428

         

Joseph L. Mullen,

Director

  Managing Partner of Li Moran International, Inc., a management consulting company  

c/o Li Moran International

611 Broadway, Suite 722

New York, NY 10012

         

 

 

General Richard I. Neal,

Director

  Retired  

c/o Steel Partners Holdings L.P.

590 Madison Avenue, 32nd Floor

New York, NY 10022

         

Allan R. Tessler,

Director

  Chairman and Chief Executive Officer of International Financial Group, Inc., an international merchant banking firm  

c/o International Financial Group, Inc.

2500 North Moose Wilson Road

Wilson, WY 83014

 

 

 

Executive Officers and Directors of Steel Excel Inc.

Name and Position   Present Principal Occupation   Business Address
         

Warren G. Lichtenstein,

Chairman

  Executive Chairman of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company  

c/o Steel Partners Holdings L.P.

590 Madison Avenue, 32nd Floor

New York, NY 10022

         

Jack L. Howard1,

President, Secretary and Director

  President of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company, and a principal of Mutual Securities, Inc., a registered broker dealer  

c/o Steel Partners Holdings L.P.

590 Madison Avenue, 32nd Floor

New York, NY 10022

         

Douglas B. Woodworth,

Treasurer and Director

  Senior Vice President and Chief Financial Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company  

c/o Steel Partners Holdings L.P.

590 Madison Avenue, 32nd Floor

New York, NY 10022

 

 

 

Executive Officers and Directors of Steel Partners Ltd.

Name and Position   Present Principal Occupation   Business Address
         

Warren G. Lichtenstein,

Chief Executive Officer

  Executive Chairman of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company  

c/o Steel Partners Holdings L.P.

590 Madison Avenue, 32nd Floor

New York, NY 10022

         

Jack L. Howard1,

President and Director

  President of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company, and a principal of Mutual Securities, Inc., a registered broker dealer  

c/o Steel Partners Holdings L.P.

590 Madison Avenue, 32nd Floor

New York, NY 10022

         

Mario Marcon,

Chief Financial Officer

  Employee of Steel Services, Ltd., a subsidiary of Steel Partners Holdings L.P., a global diversified holding company  

c/o Steel Partners Holdings L.P.

590 Madison Avenue, 32nd Floor

New York, NY 10022

         

Leonard Toboroff,

Director

  Attorney  

c/o Steel Partners Holdings L.P.

590 Madison Avenue, 32nd Floor

New York, NY 10022

 

 


1 As of the close of business on the date hereof, Jack L. Howard directly owned 95,000 Shares and may be deemed to beneficially own an additional 95,000 Shares directly owned by EMH Howard, LLC (“EMH”), an affiliate of Mr. Howard, constituting in the aggregate less than 1% of the Shares outstanding. The aggregate purchase price of the Shares owned directly by Mr. Howard is approximately $242,680, including brokerage commissions. Such Shares were acquired with the personal funds of Mr. Howard. The aggregate purchase price of the Shares owned directly by EMH is approximately $242,680, including brokerage commissions. Such Shares were acquired with the working capital of EMH. Mr. Howard has or may be deemed to have the sole power to vote and dispose of all such Shares and the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, all such Shares. Since the filing of Amendment No. 6 to the Schedule 13D, Mr. Howard and EMH purchased 70,000 Shares and 70,000 Shares, respectively, for $2.00 per Share pursuant to their respective basic subscription privileges in connection with the Offering.