Willbros Group Inc. (NYSE: WG) has executed a purchase agreement for the sale of its Professional Services segment to TRC Companies Inc. (NYSE:TRR) for $130 million cash. The sale is expected to close before the end of November.
Under the terms of its amended credit facilities, Willbros will retain $43 million of the net proceeds to maintain its current liquidity and working capital. The balance of the proceeds, net of closing and transaction expenses, will be applied to reduction of the company's term loan debt.
Greenhill & Co. LLC acted as financial advisor to Willbros, and Conner & Winters LLP acted as legal advisor.