Willbros amends loan to waive non-compliance, cut size, allow for the issuance of letters of credit

By Sara Rosenberg

New York, July 19 - Willbros Group Inc. amended its credit facility, waiving non-compliance with some financial covenants, reducing the size to $100 million to reflect anticipated utilization and allowing for the immediate use of the facility for the issuance of letters of credit, according to a company news release.

Furthermore, some financial covenants were modified to reflect anticipated operating performance.

The facility will be available for cash borrowings once the company has met its Securities and Exchange Commission filing requirements, which it is required to do by Sept. 30.

In return for the amendment, the company has agreed to maintain a minimum cash balance of $15 million.

Calyon Corporate and Investment Bank is the lead bank on the deal.

Willbros Group is a Panama City, Panama-based independent contractor serving the oil, gas and power industries.

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