HOUSTON, TX, May 19, 2010 (MARKETWIRE via COMTEX) --Willbros Group, Inc. (NYSE: WG) today announced its intent to offer
to qualified institutional buyers under Rule 144A and to persons
outside the United States under Regulation S, $250 million aggregate
principal amount of senior secured second lien notes due 2016 (the
"Notes"). The proceeds of the proposed offering, together with
7,923,308 shares of Willbros common stock, $50 million in borrowings
under a new term loan facility and cash on hand, will be used by
Willbros to acquire, through a series of mergers, all of the
outstanding stock of InfrastruX Group, Inc. The offering is subject
to market and other customary conditions.
The Notes and the related guarantees have not been registered under
the Securities Act of 1933 or the securities laws of any other
jurisdiction and may not be offered or sold in the United States
absent registration or an applicable exemption therefrom. The Notes
are being offered and sold only to qualified institutional buyers
under Rule 144A and to persons outside the United States under
Regulation S.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the Notes, nor shall there be any
offer, solicitation or sale of any Notes in any jurisdiction in which
such offer, solicitation or sale would be unlawful. This notice is
being issued pursuant to and in accordance with Rule 135c under the
Securities Act.
Willbros Group, Inc. is an independent contractor serving the oil,
gas, power, refining and petrochemical industries, providing
engineering, construction, turnaround, maintenance, life cycle
extension services and facilities development and operations services
to industry and government entities worldwide. For more information
on Willbros, please visit our web site at www.willbros.com.
This announcement contains forward-looking statements. All
statements, other than statements of historical facts, which address
activities, events or developments the Company expects or anticipates
will or may occur in the future, are forward-looking statements. A
number of risks and uncertainties could cause actual results to
differ materially from these statements, including the potential for
investigations; additional disruptions to the global credit markets;
the current global recession; fines and penalties by government
agencies; the identification of one or more other issues that require
restatement of one or more prior period financial statements; the
existence of material weaknesses in internal controls over financial
reporting; availability of quality management; availability and terms
of capital; changes in, or the failure to comply with, government
regulations; ability to introduce new services to the markets served;
ability to remain in compliance with, or obtain waivers under, the
Company's loan agreements and indentures; the promulgation,
application, and interpretation of environmental laws and
regulations; future E&P capital expenditures; oil, gas, gas liquids,
and power prices and demand, the amount and location of planned
pipelines, the refinery crack spread and planned refinery outages and
upgrades, the effective tax rate of the different countries where the
work is being conducted, development trends of the oil, gas, power,
refining and petrochemical industries; changes in the political and
economic environment of the countries in which the Company has
operations, as well as other risk factors described from time to time
in the Company's documents and reports filed with the SEC. The
Company assumes no obligation to update publicly such forward-looking
statements, whether as a result of new information, future events or
otherwise.
CONTACT:
Michael W. Collier
Vice President Investor Relations
Sales & Marketing
Willbros
713-403-8038
Connie Dever
Director Strategic Planning
Willbros
713-403-8035
SOURCE: Willbros Group, Inc.
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