Willbros Announces New Term Loan Facility
- Aggregate principal amount $270 million
- Five-year term
- Coupon substantially same as 2013 Term Loan Facility
- No change in recently amended loan covenants
HOUSTON, Dec. 15, 2014 /PRNewswire/ -- Willbros Group, Inc. (NYSE: WG) announced that it has refinanced with a private lender its term loan debt. The Company intends to use the net proceeds from the new term loan to repay all indebtedness under the Company's existing term loan and for general corporate purposes. The Company expects the new term loan facility to close and fund on December 16, 2014.
John T. McNabb, II, Chairman and Chief Executive Officer, commented, "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. 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 specialty energy infrastructure contractor serving the oil, gas, refining, petrochemical and power industries. Our offerings include engineering, procurement and construction (either individually or as an integrated EPC service offering), turnarounds, maintenance, facilities development and operations services. For more information on Willbros, please visit our web site at www.willbros.com.
This announcement contains forward-looking statements. All statements, other than statements of historical facts, which address activities, events or developments the Company expects or anticipates will or may occur in the future, are forward-looking statements, including such things as expected operating results, business strategy and planned asset sales. A number of risks and uncertainties could cause actual results to differ materially from these statements, including unanticipated accounting or other issues regarding any material weakness in internal control over financial reporting as a result of the restatement of financial statements; inability of the Company or its independent auditor to confirm relevant information or data; unanticipated issues that prevent or delay the Company's independent auditor from completing its review of financial statements or that require additional efforts, procedures or review; the untimely filing of financial statements; the impact of any investigations and lawsuits; the identification of one or more issues, including those relating to the restatement discussed above, that require restatement of one or more other prior period financial statements; ability to remain in compliance with, or obtain waivers under, the Company's existing loan agreements; inability to obtain adequate financing on reasonable terms; the consequences the Company may encounter if it is unable to make payments required of it pursuant to its settlement agreement of the West African Gas Pipeline Company Limited lawsuit; ability to dispose of businesses and assets in a timely manner at reasonable valuations; the existence of other material weaknesses in internal control over financial reporting; contract and billing disputes; new legislation or regulations detrimental to the economic operation of refining capacity in the United States; availability of quality management; availability and terms of capital; timely award of prospective projects the Company is pursuing; changes in, or the failure to comply with, government regulations; the promulgation, application, and interpretation of environmental laws and regulations; future E&P capital expenditures; oil, gas, gas liquids, and power prices and demand; the amount and location of planned pipelines; poor refinery crack spreads; delay of planned refinery outages and upgrades and development trends of the oil, gas, power, refining and petrochemical industries; as well as other risk factors described from time to time in the Company's documents and reports filed with the SEC. The Company assumes no obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
CONTACT: |
|
Michael W. Collier |
Leah Martinez |
SVP Investor Relations |
Corporate Marketing Manager |
Marketing & Communications |
Willbros |
Willbros |
713-403-8084 |
713-403-8038 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/willbros-announces-new-term-loan-facility-300010092.html
SOURCE Willbros Group, Inc.
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