Willbros Group obtains reporting waiver for credit facility, lowers required EBITDA

By Angela McDaniels

Seattle, April 12 - Willbros Group Inc. obtained a waiver from the lenders under its credit facility that pushed back to June 22 from March 31 the deadline to deliver financial statements for the year ended Dec. 31, according to an 8-K report filed with the Securities and Exchange Commission on Wednesday.

The lenders also waived the requirement that the company's capital expenditures for the quarter ended Dec. 31 may not exceed $7.5 million and bumped up the limit on capital expenditures for the two quarters ended March 31 to $17.5 million.

The company also lowered the minimum level of adjusted EBITDA required for the period from Oct. 1, 2005 to March 31 to $18 million from $24 million, for the period from Oct. 1, 2005 to April 30 to $20 million from $28 million and for the period from Oct. 1, 2005 to May 31 to $22 million from $32 million.

Finally, the facility was amended so that financial statements provided by Willbros may now be accompanied by the opinion of GLO CPAs, LLP, the company's new independent registered public accounting firm, or another firm acceptable to Calyon, the administrative agent.

The company facility was amended on April 5.

Willbros is a Panama City-based independent contractor for the oil, gas and power industries and government entities.

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