FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Bank of America to Agent $150MM ABL for Willbros Group

July 08, 2013, 08:02 AM
Filed Under: Energy

Willbros Group announced that it will pursue a refinancing of its outstanding term loan and revolving credit facilities. The company expects the refinancing to enable it to borrow new funds at a lower interest rate, to extend the maturity of its debt to 2018 and to increase its flexibility under its loan covenants.

The company is seeking to arrange a $250 million, six-year Senior Secured Term Loan Credit Facility and intends to use the net proceeds from the new term loan to repay all indebtedness under the Company's existing credit facilities and for general corporate purposes.  In addition to the new term loan, the Company expects to enter into a $150 million, five-year asset-based revolving credit facility. The revolver will be unfunded at close.

J.P. Morgan Securities LLC will act as sole lead arranger and bookrunner for the new senior secured term loan. Bank of America, N.A. will act as sole administrative agent and collateral agent and Merrill Lynch, Pierce, Fenner & Smith Incorporated as sole lead arranger and sole book manager for the $150 million asset-based revolving credit facility.

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.

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.