Energy infrastructure contractor Willbros Group Inc. completed amendments to its 2015 term-loan and ABL credit facilities, the company said Oct. 2.
The amendments establish less stringent term-loan financial covenants beyond the end of the first quarter 2016, which are designed to address the impact of current market conditions. The ABL commitment was reduced from $150 million to $100 million, with an accordion feature to expand up to $175 million.
These amendments also enable the company to proceed with asset sale initiatives, including the sale of its professional services segment. The amendments approve the sale of certain assets, including discrete assets. Net proceeds will be used for debt reduction and working capital.
The company filed an 8-K with the Securities and Exchange Commission providing additional information relating to these new amendments.
Willbros Group Inc. is based in Houston.
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