Babcock & Wilcox Enterprises (BW) said late Monday it closed a public offering of over 12.4 million common shares at $18.50 apiece for gross proceeds of $230 million.

The offering comprised over 1.6 million additional shares issued upon the full exercise of an overallotment option by the underwriters, according to a statement.

Net proceeds will be used to repay debt under its credit agreement and for general corporate purposes, the company said.