Willbros 6.5% convertibles holder gives consent to loosen debt restriction

By Angela McDaniels

Tacoma, Wash., Nov. 5 - Willbros Group, Inc. said the holder of a large portion of its 6.5% convertible senior notes due 2012 provided consent to amend the note indenture.

The amendment will replace some restrictions on the company's ability to incur debt with more lenient restrictions from Nov. 2 to June 30, 2008, according to an 8-K filing with the Securities and Exchange Commission.

Portside Growth and Opportunity Fund received a $390,000 consent fee. The investor holds $19.5 million, or 23%, of the $84.5 million principal amount of notes.

The company said that after it pays the fee to Portside, it will offer to pay a total of $251,000 to holders of the remaining notes.

In connection with the amendment, Willbros agreed not to complete its $225 million acquisition of Integrated Service Co. LLC unless it receives at least $100 million from a public offering of common stock. The company plans to sell 6.88 million shares at $38.27 each.

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

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