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.
|
| Issue: | Convertible senior notes
|
| Bookrunners: | Bear Stearns & Co. Inc.
|
| 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%
|
| Price: | Par
|
| Yield: | 2.75%
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| Conversion premium: | 32%
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| Conversion price: | $19.47
|
| Conversion ratio: | 51.3611
|
| Contingent conversion: | 120%
|
| 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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