Willbros Group holders convert $16.2 million of 6.5% convertibles

By Laura Lutz

Des Moines, May 24 - Willbros Group, Inc. announced an agreement with holders its 6.5% senior convertible notes due 2012 to convert $16.2 million principal amount of the notes.

The notes will be converted into a total of 922,761 common shares.

Under the agreement, holders will also receive about $3.75 million, plus accrued interest, for agreeing to convert the notes.

The notes will be converted on May 29. After the conversion is settled, there will be $32.05 million principal amount of the notes outstanding.

Willbros is a Houston-based oil, gas and power services company.

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