We show how an exceptional point of degeneracy (EPD) is formed in a system composed of an electron beam interacting with an electromagnetic mode guided in a slow wave structure (SWS) with distributed power extraction from the interaction zone. Based on this kind of EPD, a regime of operation is devised for backward-wave oscillators (BWOs) as a synchronous and degenerate regime between a backward electromagnetic mode and the charge wave modulating the electron beam. Degenerate synchronization under this EPD condition means that two complex modes of the interactive system do not share just the wave number, but they rather coalesce in both their wave numbers and eigenvectors (polarization states). In principle, this condition guarantees full synchronization between the electromagnetic wave and the beam's charge wave for any amount of output power extracted from the beam, setting the threshold of this EPD-BWO to any arbitrary, desired, value. Indeed, we show that the presence of distributed radiation in the SWS results in having high-threshold electron-beam current to start oscillations, which implies higher power generation. These findings have the potential to lead to highly efficient BWOs with very high output power and excellent spectral purity.