Willbros launches refinancing to improve its financial structures

Willbros Group Inc.

Willbros Group Inc. (NYSE: WG) is pursuing a refinancing of its outstanding term loan and revolving credit facilities in order to borrow new funds at a lower interest rate, extend the maturity of its debt to 2018, and increase its flexibility under its loan covenants.

Willbros is seeking to arrange a $250 million, six-year senior secured term loan credit facility. It intends to use the net proceeds from the new term loan to repay all indebtedness under the company's existing credit facilities and for general corporate purposes. In addition to the new term loan, Willbros expects to enter into a $150 million, five-year asset-based revolving credit facility. The revolver will be unfunded at close.

J.P. Morgan Securities LLC will act as sole lead arranger and bookrunner for the new senior secured term loan. Bank of America NA will act as sole administrative agent and collateral agent, and Merrill Lynch, Pierce, Fenner & Smith Inc. will act as sole lead arranger and sole book manager for the $150 million asset-based revolving credit facility.

Willbros is a specialty energy infrastructure contractor serving the oil, gas, refining, petrochemical and power industries. Its offerings include engineering, procurement and construction (either individually or as an integrated EPC service offering), turnarounds, maintenance, facilities development and operations services.


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