Willbros ups original issue discount on $300 million term B to 94

By Sara Rosenberg

New York, June 29 - Willbros Group Inc. widened the original issue discount on its $300 million four-year term loan B to 94 from talk in the 97 to 98 area, according to a market source.

Pricing was left unchanged at Libor plus 750 basis points with a 2% Libor floor.

The term loan includes hard call protection of 102 in year one and 101 in year two, the source said.

Allocations are targeted to go out on Wednesday.

The $475 million senior credit facility (B2/BB-) also includes a $175 million three-year revolver that is priced in line with original talk at Libor plus 425 bps, with a step-down to Libor plus 375 bps after an interim period.

Upfront fees on the revolver were offered anywhere from 112.5 bps to 137.5 bps based on commitment size.

Crédit Agricole Corporate and Investment Bank and UBS Securities are the joint bookrunners on the company's term loan B. Crédit Agricole is the bookrunner on the revolver.

Proceeds will be used to help fund the acquisition of InfrastruX Group Inc., a Seattle, Wash.-based provider of electric power and natural gas transmission and distribution infrastructure services, for $360 million in cash and 7.9 million of new Willbros shares.

The company expects to complete the transaction on or around July 1.

Willbros is a Houston-based independent contractor for the oil, gas, power, refining and petrochemical industries.

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