Willbros talks $250 million term loan B at Libor plus 675-700 bps

By Sara Rosenberg

New York, July 10 - Willbros Group Inc. is talking its $250 million six-year term loan B (Caa1/B-) at Libor plus 675 basis points to 700 bps with a 1.25% Libor floor and an original issue discount of 981/2, according to a market source.

The term loan has soft call protection of 103 in year one, 102 in year two and 101 in year three, the source said.

Commitments are due on July 22.

In addition to the new term loan, the company plans on getting a $150 million five-year asset-based revolver (B1) that will be undrawn at closing.

J.P. Morgan Securities LLC is the lead arranger and bookrunner on the term loan that launched with a bank meeting on Tuesday. Bank of America Merrill Lynch is the lead arranger and bookrunner on the revolver.

Proceeds will be used to refinance an existing credit facility so as to lower borrowing costs, extend maturities and increase flexibility under covenants.

Willbros is a Houston-based specialty energy infrastructure contractor serving the oil, gas, refining, petrochemical and power industries.

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