By Sheri Kasprzak
New York, Oct. 27 - Willbros Group, Inc. raised $52,113,040 in a private placement with a group of institutional investors.
The company issued 3,722,360 shares at $14.00 each to a group of institutional investors.
The investors also received warrants for 558,354 shares, exercisable at $19.03 each for five years.
The deal was scheduled to close Friday.
Bear, Stearns & Co. was placement agent.
The investors include Highbridge International LLC; Steelhead Investments Ltd.; Ramius Master Fund, Ltd.; Portside Growth and Opportunity Fund; Suttonbrook Capital Portfolio, LP; UBS O'Connor LLC fbo O'Connor PIPES Corporate Strategies Master Ltd.; Berggruen Holdings North America Ltd.; GLG Ventures International; Lorimor Corp.; Fort Mason Master, LP; Whitebox Advisors Convertible Arbitrage Advisors LP; UBS O'Connor LLC fbo O'Connor Global Convertible Arbitrage Master Ltd.; Hudson Bay Fund LP; Ramius Fund III, Ltd.; RCG Halifax Fund, Ltd.; Pandora Select Partners LP; RCG Equity Market Neutral Master Fund, Ltd.; UBS O'Connor LLC fbo O'Connor Global Convertible Arbitrage II Master Ltd.; and Fort Mason Partners, LP.
Proceeds will be used for general corporate purposes.
Houston-based Willbros provides services to the oil, gas and power industries, including construction and engineering services.
| Issuer: | Willbros Group, Inc.
|
| Issue: | Stock
|
| Amount: | $52,113,040
|
| Shares: | 3,722,360
|
| Price: | $14.00
|
| Warrants: | For 558,354 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $19.03
|
| Placement agent: | Bear, Stearns & Co.
|
| Investors: | Highbridge International LLC; Steelhead Investments Ltd.; Ramius Master Fund, Ltd.; Portside Growth and Opportunity Fund; Suttonbrook Capital Portfolio, LP; UBS O'Connor LLC fbo O'Connor PIPES Corporate Strategies Master Ltd.; Berggruen Holdings North America Ltd.; GLG Ventures International; Lorimor Corp.; Fort Mason Master, LP; Whitebox Advisors Convertible Arbitrage Advisors LP; UBS O'Connor LLC fbo O'Connor Global Convertible Arbitrage Master Ltd.; Hudson Bay Fund LP; Ramius Fund III, Ltd.; RCG Halifax Fund, Ltd.; Pandora Select Partners LP; RCG Equity Market Neutral Master Fund, Ltd.; UBS O'Connor LLC fbo O'Connor Global Convertible Arbitrage II Master Ltd.; and Fort Mason Partners, LP
|
| Settlement date: | Oct. 27
|
| Stock symbol: | NYSE: WG
|
| Stock price: | $15.66 at close Oct. 26
|
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