Willbros Enters Into New Credit Facility
Willbros Group, Inc. said late Friday that it has entered into a new credit agreement with a group of investors led by Calyon Securities ("Calyon") for a $100 million three-year senior secured synthetic credit facility. The Company may elect to increase the total capacity under the facility to $150 million, with consent from Calyon.
The facility, which includes a $25 million component for working capital, will be used for commercial letters of credit to support projects and for general corporate purposes. This facility replaces the Company's existing three-year $50 million bank facility, which was scheduled to expire in March 2007.
Michael F. Curran, Chairman and Chief Executive Officer, remarked, "The combination of the closing today of our previously announced equity placement and new credit facility gives us the liquidity and flexibility to capitalize on the robust North American market and to perform the large volume of projects we currently have in backlog and to pursue those we expect to participate in over the next several years."
Willbros Group, Inc. is an independent contractor serving the oil, gas and power industries, providing construction, engineering and other specialty oilfield-related services to industry and government entities worldwide.
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