Willbros closes on new $125 million revolving credit facility

By Sara Rosenberg

New York, June 17 - Willbros Group Inc. said it closed on a new $125 million three-year revolving credit facility, which is replacing the company's previous loan scheduled to mature in March 2003. The revolver agreement was entered into with eight international and U.S. commercial banks.

"This new credit facility complements our strong balance sheet and gives the Company the flexibility to execute its growth strategy," said Michael F. Curran, president and chief executive officer, in a news release. "Given the current environment for energy-related issues, we believe our banks have made a strong statement in favor of Willbros management, its strategy and its operating performance. We will continue to be alert for new opportunities which will add value for our shareholders and customers."

Willbros Group is an independent contractor serving the oil, gas and power industries, headquartered in Panama City, Panama with administrative offices in Houston, Tex.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.