Willbros Group greenshoe partially exercised, raising convertibles to $72.5 million

By Angela McDaniels

Seattle, Jan. 19 - Two of the buyers of Willbros Group Inc.'s $65 million offering of 6.5% senior convertible notes due 2012 exercised their over-allotment options for $7.5 million, according to an 8-K report filed with the Securities and Exchange Commission on Thursday. The size of the deal is now $72.5 million.

The company originally sold the notes in a private placement on Dec. 23.

J.P. Morgan Securities Inc. was placement agent.

The notes were sold to Portside Growth & Opportunity Fund, Highbridge International LLC, Kamunting Street Master Fund Ltd., SuttonBrook Capital Management LP, Citadel Equity Fund Ltd., Shepherd Investments International, Ltd., Capital Ventures International and Kings Road Investments.

The investors had the option to buy up to $19.5 million in additional principal of the notes for 90 days.

The 6.5% notes mature Dec. 15, 2012, and are initially convertible into common shares at a rate of 56.9606 common shares per $1,000 in principal. The conversion price is $17.56 each. The conversion price is a 10% premium to the company's closing stock price of $15.96 on Dec. 22.

Willbros is a Panama City-based independent international contractor for the oil, gas and power industries, as well as government entities.

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