Willbros Sells Professional Services Segment To TRC Companies - Quick Facts

(RTTNews) - Willbros Group, Inc. (WG) announced a purchase agreement for the sale of its Professional Services segment to TRC Companies, Inc. (TRR) for $130 million cash. The company expects the sale to close before the end of November.

Willbros noted that the agreement is binding and the transaction is subject to normal closing conditions including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

Under the terms of its amended credit facilities, Willbros will retain $43 million of the net proceeds to maintain its current liquidity and working capital. The balance of the proceeds, net of closing and transaction expenses, will be applied to reduction of its term loan debt.

Willbros also announced that it is confident that it can achieve stable, predictable and improved performance in 2016, with overall transformation of the company.