Willbros plans to pay down term loan, seek easing of covenants

By Angela McDaniels

Tacoma, Wash., Aug. 6 – Willbros Group, Inc. plans to use asset sale proceeds to make additional payments against its term loan, according to the company’s earnings release for the second quarter.

Chairman and chief executive officer John McNabb II said the company has “multiple indications of interest” in its professional services segment, anticipates closing on that sale in the fourth quarter of 2015 and expects to close on the sale of an addition asset in the third quarter.

In addition, the company is working with its lenders to achieve formal approval of these sales, an amendment to the term loan allowing the use of a portion of the sales proceeds for working capital and reduced covenant compliance requirements.

“Upon completion of these items we expect to have sufficient liquidity and capital resources to meet our obligations for at least the next 12 months,” McNabb said in the release.

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

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