Willbros also reported that it has completed the transaction to acquire all the shares of Integrated Service Company, a Tulsa, Oklahoma based company. The Company previously had announced on October 31, 2007 a definitive agreement to acquire InServ.
Willbros also announced that it has entered into a new credit agreement with a bank group led by Calyon for a $150 million three-year senior secured revolving credit facility. The Company may elect to increase the total capacity under the facility to $200 million, with consent from Calyon. The facility, which includes a $50 million component for cash borrowing, will be used primarily for commercial letters of credit to support projects and for general corporate purposes. This facility replaces the Company's existing three-year $100 million synthetic credit facility.
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