Nashville, March 5 - Willbros Group Inc. sold $60 million of 20-year convertible notes at par to yield 2.75% with a 32% initial conversion premium via sole bookrunner Bear Stearns & Co. Inc.
The Rule 144A deal priced at the aggressive end of guidance for a 2.75% to 3.25% coupon and a 28% to 32% initial conversion premium.
Holders will have full dividend protection.
There will be a 90-day lockup for stock transactions by company officers and directors.
The oilfield services company said proceeds would be used to pay off its senior credit facility at about $14 million, to support expansion of current operations and possible acquisitions.
Terms of the deal are:
Issuer: | Willbros Group Inc.
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Issue: | Convertible senior notes
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Bookrunners: | Bear Stearns & Co. Inc.
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Co-managers: | CIBC World Markets and Credit Lyonnais Securities (USA) Inc.
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Amount: | $60 million
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Greenshoe: | $10 million
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Maturity: | March 15, 2024
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Coupon: | 2.75%
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Price: | Par
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Yield: | 2.75%
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Conversion premium: | 32%
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Conversion price: | $19.47
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Conversion ratio: | 51.3611
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Contingent conversion: | 120%
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Call: | Non-callable for 7 years
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Put: | In years 7, 10 and 15
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Price talk: | 2.75-3.25%, up 28-32%
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Pricing date: | March 4, after the close
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Settlement date: | March 12
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Distribution: | Rule 144A
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