Willbros gets new $270 million term loan facility due in five years

By Jennifer Chiou

New York, Dec. 16 – Willbros Group Inc. announced that it has obtained a new $270 million five-year term loan facility.

According to a news release, the new loan will have a coupon substantially the same as the company’s 2013 term loan facility.

Proceeds will be used to repay all debt under the company’s existing term loan and for general corporate purposes.

As reported in July 2013, the company lifted pricing on its $250 million term loan B to Libor plus 975 basis points from talk of Libor plus 675 bps to 700 bps.

“The refinancing of our term loan debt gives us greater flexibility to meet near-term obligations and frees up our revolver to address working capital needs as we move into the 2015 construction season,” chairman and chief executive officer John T. McNabb II said in the release.

“We also have greater flexibility with respect to our loan covenants and maintain the ability to reduce the debt with proceeds from the asset sales we expect to accomplish as we move into 2015.”

Willbros is a Houston-based specialty energy infrastructure contractor serving the oil, gas, refining, petrochemical and power industries.

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