Document:

exv4w1

 

Exhibit 4.1

WAIVER AGREEMENT

     This WAIVER AGREEMENT is made and entered into this 2nd day of November, 2007, by
and between Willbros Group, Inc., a Republic of Panama corporation (the “Company”), and Portside
Growth and Opportunity Fund (“Portside”).

     WHEREAS, the Company has duly issued its 6.5% Convertible Senior Notes due 2012 in the
aggregate principal amount of $84,500,000 (the “Notes”) pursuant to an Indenture (the “Indenture”)
dated as of December 23, 2005, among the Company, Willbros USA, Inc., a Delaware corporation, as
guarantor, and The Bank of New York, a New York banking corporation (the “Trustee”);

     WHEREAS, on May 16, 2007 and May 23, 2007, the Company entered into conversion agreements with
four holders of the Notes pursuant to which, among other things, the four holders converted their
respective Notes into shares of the Company’s common stock, $0.05 par value per share;

     WHEREAS, $32,050,000 in aggregate principal amount of the Notes remain outstanding as of the
date hereof; and

     WHEREAS, for the consideration and under the terms and conditions set forth herein, Portside
is willing to consent to the temporary waiver and modification of certain provisions of the
Indenture substantially as set forth in the form of First Supplemental Indenture attached hereto as
Annex I.

     NOW, THEREFORE, in consideration of the recitals and mutual covenants set forth or described
herein, the parties hereto, intending to be legally bound, hereby agree as follows:

1. Portside hereby represents and warrants to the Company that:

	 	(i)	 	Portside is the current holder of $19,500,000 in aggregate principal amount
of Notes;
	 
	 	(ii)	 	Portside has full power and authority to enter into this Waiver Agreement;
	 
	 	(iii)	 	in evaluating whether to enter into this Waiver Agreement, Portside has made
its own independent appraisal of this Waiver Agreement and the substance of the waiver
set forth in the form of First Supplemental Indenture attached hereto as Annex I and
is not relying on any statement, representation or warranty, express or implied, made
by the Trustee or the Company not contained in this Waiver Agreement; and

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	 	(iv)	 	Portside is not a person directly or indirectly controlling or controlled by
or under direct or indirect common control with the Company.

The representations and warranties of Portside herein shall be deemed to be repeated and
reconfirmed at the time the First Supplemental Indenture is executed.

2. The Company hereby represents and warrants to Portside that:

	 	(i)	 	The Company’s registration statement on Form S-1 (File No. 333-135540) is
effective and available for the resale of the shares of Common Stock of the Company
into which the Notes may be converted; and
	 
	 	(ii)	 	after giving effect to the terms of this Waiver Agreement and the First
Supplemental Indenture, no Event of Default (as defined in the Indenture) shall have
occurred and be continuing as of the date hereof.

3. Portside acknowledges that it is hereby giving its consent to the modifications and amendments
to the Indenture substantially in the form and substance as set forth in the form of First
Supplemental Indenture, attached hereto as Annex I and with such changes thereto as the Trustee may
reasonably require, with respect to all $19,500,000 in aggregate principal amount of its Notes.

4. This Waiver Agreement shall become valid and binding upon Portside, and shall not be revocable
by Portside, upon (i) delivery of this Waiver Agreement, executed by Portside, to the Company, (ii)
delivery of this Waiver Agreement, executed by the Company, to Portside and (iii) delivery by the
Company to Portside of three hundred ninety thousand dollars ($390,000), by wire transfer to one or
more accounts designated by Portside. After the deliveries described in the preceding sentence,
the Company shall offer to pay an aggregate of $251,000 to the holders of the other Notes that
remain outstanding as of the date hereof (each, an “Other Holder” and, collectively, the “Other
Holders”), offering each Other Holder an amount equal to the product of (a) $251,000 multiplied by
(b) the aggregate principal amount of such Other Holder’s Notes that remain outstanding as of the
date hereof divided by the aggregate principal amount of all of the Other Holder’s Notes that
remain outstanding as of the date hereof, which payment shall be subject to such Other Holder
executing such documentation reasonably requested by the Company to evidence that such Other Holder
consents to be bound by the First Supplemental Indenture.

5. The Company agrees that it will not consummate the acquisition of the issued and outstanding
equity interests of Integrated Service Company LLC under that certain share purchase agreement
dated as of October 31, 2007 or otherwise, unless it receives gross proceeds of at least
$100,000,000 through an underwritten public offering of its common stock.

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6. On or before 8:30 a.m., New York City time, on the first Business Day following the date of this
Waiver Agreement, the Company shall file a Current Report on Form 8-K describing the terms of this
Waiver Agreement and the First Supplemental Indenture in the form required by the Securities
Exchange Act of 1934, as amended, and attaching this Waiver Agreement and the form of the First
Supplemental Indenture attached hereto (including all attachments, the “8-K Filing”), unless such
information has already been previously disclosed in a filing with the Securities and Exchange
Commission (the “SEC”) and such exhibits are attached to such filing (including all attachments,
the “Other Filing”). From and after the filing of the 8-K Filing or the Other Filing with the SEC,
Portside shall not be in possession of any material, nonpublic information received from the
Company, any of its Subsidiaries (as defined in the Indenture) or any of its respective officers,
directors, employees or agents, that is not disclosed in the 8-K Filing or the Other Filing. The
Company shall not, and shall cause each of its Subsidiaries and its and each of their respective
officers, directors, employees and agents, not to, provide Portside with any material, nonpublic
information regarding the Company or any of its Subsidiaries from and after the filing of the 8-K
Filing or the Other Filing with the SEC without the express written consent of Portside. If
Portside has, or believes it has, received any such material, nonpublic information regarding the
Company or any of its Subsidiaries, it shall provide the Company with written notice thereof. The
Company shall, within five (5) Trading Days (as defined in the Indenture) of receipt of such
notice, make public disclosure of such material, nonpublic information. In the event of a breach
of the foregoing covenant by the Company, any of its Subsidiaries, or any of its or their
respective officers, directors, employees and agents, in addition to any other remedy provided
herein or in the Indenture, Portside shall have the right to make a public disclosure, in the form
of a press release, public advertisement or otherwise, of such material, nonpublic information
without the prior approval by the Company, its Subsidiaries, or any of its or their respective
officers, directors, employees or agents. Portside shall not have any liability to the Company,
its Subsidiaries, or any of its or their respective officers, directors, employees, stockholders or
agents for any such disclosure. Subject to the foregoing, neither the Company, its Subsidiaries
nor Portside shall issue any press releases or any other public statements with respect to the
transactions contemplated hereby; provided, however, that the Company shall be entitled, without
the prior approval of Portside, to make any press release or other public disclosure with respect
to such transactions (i) in substantial conformity with the 8-K Filing or the Other Filing and
contemporaneously therewith and (ii) as is required by applicable law and regulations (provided
that in the case of clause (i) Portside shall be consulted by the Company in connection with any
such press release or other public disclosure prior to its release). Without the prior written
consent of Portside, neither the Company nor any of its Subsidiaries or affiliates shall disclose
the name of Portside in any filing, announcement, release or otherwise, unless such disclosure is
required by law, regulation or the principal national securities exchange or market on which the
Company’s Common Stock is listed.

7. This Waiver Agreement shall be governed by, and construed in accordance with the laws of the
state of New York (without regard to conflicts of laws principles thereof).

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Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed
herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or
proceeding is improper. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by mailing a copy thereof
to such party at the address for such notices to it under this Waiver Agreement and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any manner
permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR
ARISING OUT OF THIS WAIVER AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

8. This Waiver Agreement may be executed in any number of counterparts, each of which shall be an
original; but such counterparts shall together constitute but one and the same instrument.

9. This Waiver Agreement constitutes the entire agreement between the parties hereto, and
supersedes any prior understandings, agreements, arrangements and representations between the
parties hereto, written or oral, to the extent they related in any way to the subject matter
hereof.

[signatures on following page]

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This Waiver Agreement has been executed and delivered as of the date first above written.

	 	 	 	 	 
	 
	 	PORTSIDE GROWTH AND OPPORTUNITY FUND

 	 
	 	By:  	/s/ Jeffery C. Smith
 	 
	 	 	Name:  	Jeffery C. Smith 	 
	 	 	Title:  	Authorized Signatory 	 
	 
	 
	 	WILLBROS GROUP, INC.

 	 
	 	By:  	/s/ Gay Stanley Mayeux
 	 
	 	 	Name:  	Gay Stanley Mayeux 	 
	 	 	Title:  	Treasurer 	 
	 

5exv4w2

 

Exhibit 4.2

WILLBROS GROUP, INC.

AND

THE BANK OF NEW YORK

As Trustee

 

FIRST SUPPLEMENTAL INDENTURE

DATED AS OF NOVEMBER 2, 2007

TO THE INDENTURE FOR

$84,500,000 AGGREGATE PRINCIPAL AMOUNT

OF

6.5% CONVERTIBLE SENIOR NOTES DUE 2012

DATED AS OF DECEMBER 23, 2005

 

 

 

FIRST SUPPLEMENTAL INDENTURE

     FIRST SUPPLEMENTAL INDENTURE, dated as of November 2, 2007, among Willbros Group, Inc., a
Republic of Panama corporation (the “Company”), Willbros USA, Inc., a Delaware corporation, as
guarantor (the “Guarantor”), and The Bank of New York, a New York banking corporation, as trustee
(the “Trustee”).

     WHEREAS, the Company has duly issued its 6.5% Convertible Senior Notes due 2012 in the
aggregate principal amount of $84,500,000 (the “Notes”) pursuant to an Indenture dated as of
December 23, 2005, among the Company, the Guarantor and the Trustee (the “Indenture”);

     WHEREAS, on May 16, 2007 and May 23, 2007, the Company entered into conversion agreements with
four holders of the Notes pursuant to which, among other things, the four holders converted their
respective Notes into shares of the Company’s common stock, $0.05 par value per share;

     WHEREAS, $32,050,000 in aggregate principal amount of the Notes remain outstanding as of the
date hereof; and

     WHEREAS, the Company has received a consent to certain amendments to the Indenture as
described herein from Holders representing in excess of a majority in aggregate principal amount of
the outstanding Notes as of the date hereof;

     WHEREAS, pursuant to the first subparagraph of Section 11.2 of the Indenture, the Indenture
may be amended with the consent or affirmative vote of the Holders of at least a majority of the
principal amount of the Notes at that time outstanding so long as the amendment does not fall under
subparagraphs (a) through (l) of Section 11.2;

     WHEREAS, the amendment affected by this First Supplemental Indenture does not fall within
subparagraphs (a) through (l) of Section 11.2; and

     WHEREAS, pursuant to Section 11.7 of the Indenture, upon the execution of this First
Supplemental Indenture by the Company and the Trustee, the Indenture shall be modified in
accordance herewith, and this First Supplemental Indenture shall form a part of the Indenture for
all purposes and every Holder of the Notes shall be bound hereby.

     NOW, THEREFORE, the parties hereto agree as follows:

SECTION 1. DEFINITIONS.

     Capitalized terms not defined herein shall have the meanings given to such terms in the
Indenture.

SECTION 2.AMENDMENT TO SECTION 6.13.

     The first paragraph of Section 6.13 shall be amended in its entirety to read as follows:

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     “The Company will not, and will not permit any of its Subsidiaries to, Incur any Indebtedness
(other than Permitted Indebtedness) (a) unless such Indebtedness (other than Credit Agreement
Indebtedness) (i) matures after the Stated Maturity, (ii) is expressly subordinated to the
Indebtedness evidenced by the Securities in right of payment, whether in respect of payment of
interest or upon liquidation or dissolution or otherwise, upon commercially reasonable terms that
are no less favorable than the terms set forth in ARTICLE XIII hereof, (iii) does not require or
permit at any time for the prepayment, repayment, repurchase or defeasance, directly or indirectly,
of any principal or premium, if any, thereon until ninety-one (91) days after the Stated Maturity
or later, and (iv) does not provide for total interest and fees in excess of 10.0% per annum and
(b) if the Incurrence of such Indebtedness (including, without limitation, Credit Agreement
Indebtedness) would cause of the Consolidated Leverage Ratio to exceed 4.00:1.00. The
preceding sentence shall not be applicable during the period from November 2, 2007 to June 30, 2008
(the “Suspension Period”). During the Suspension Period and subject to the Company’s right to
Incur Permitted Indebtedness as further described below, the Company and its Subsidiaries may only
Incur Permitted Indebtedness and Indebtedness from the revolving portion of the 2007 Credit
Facility (as defined below) and the 2007 Term Loan A (as defined below), provided that the Company
may only Incur Indebtedness from the revolving portion of the 2007 Credit Facility and the 2007
Term Loan A if the Company receives gross proceeds of at least $100,000,000 from the issuance of
its common stock in an underwritten public offering. In addition, the following covenants shall be
applicable to the Company during the Suspension Period: (a) if the Company has outstanding
borrowings under the 2007 Term Loan A, the Company shall not have Consolidated EBITDA from
continuing operations for the fiscal year ended December 31, 2007 that is less than zero; (b) on
March 31, 2008, the Company and its Subsidiaries may not have a Consolidated Leverage Ratio that
exceeds 10.00:1.00; and (c) on June 30, 2008, the Company and its Subsidiaries may not have a
Consolidated Leverage Ratio that exceeds 2.00:1.00. For the avoidance of doubt, during the
Suspension Period, (y) it shall be an Event of Default if the Company breaches any of the covenants
in the preceding sentence and (z) in no event shall the Company’s settlement agreements with the
SEC or the Department of Justice or any agreements entered into in connection therewith or the
obligations of the Company or its Subsidiaries thereunder be considered Indebtedness. The Company
has received commitments from a group of lenders, led by Calyon New York Branch (the “Calyon”), to
replace its existing synthetic credit facility with a $150,000,000 senior secured revolving credit
facility, which can be increased to $200,000,000, subject to Calyon’s consent, on or before the
second anniversary of the closing date (the “2007 Credit Facility”). The Company expects that the
2007 Credit Facility will also include a senior secured Term Loan A facility in an initial
aggregate amount of up to $100,000,000 (the “2007 Term Loan A”). Notwithstanding the
foregoing, this Section 6.13 shall not prohibit the Incurrence of the following Indebtedness
(collectively, “Permitted Indebtedness”):”

SECTION 3. MISCELLANEOUS.

     Section 3.1. New York Law to Govern. THIS FIRST SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS OF
LAWS PRINCIPLES THEREOF).

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     Section 3.2. Counterparts. This First Supplemental Indenture may be executed in any number
of counterparts, each of which shall be an original; but such counterparts shall together
constitute but one and the same instrument.

     Section 3.3. Effect of Headings. The Section headings herein are for convenience only and
shall not affect the construction hereof.

     Section 3.4. Trustee Disclaimer. The Trustee has accepted the amendment of the Indenture
effected by this First Supplemental Indenture and agrees to execute the trust created by the
Indenture as hereby amended, but only upon the terms and conditions set forth in the Indenture,
including the terms and provisions defining and limiting the liabilities and responsibilities of
the Trustee, and, without limiting the generality of the foregoing, the Trustee shall not be
responsible in any manner whatsoever for or with respect to any of the recitals or statements
contained herein, all of which recitals or statements are made solely by the Company, or for or
with respect to (a) the validity or sufficiency of this First Supplemental Indenture or any of the
terms or provisions hereof, (b) the proper authorization hereof by the Company by corporate action
or otherwise, (c) the due execution hereof by the Company and (d) the consequences (direct or
indirect and whether deliberate or inadvertent) of any amendment herein provided for, and the
Trustee makes no representation with respect to any such matters.

 

 

 

[signatures on following page]

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     IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be
duly executed and attested, all as of the date first written above.

	 	 	 	 	 
	 	WILLBROS GROUP, INC.

 	 
	 	By:  	/s/ Gay Stanley Mayeux
 	 
	 	 	Name:  	Gay Stanley Mayeux 	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	WILLBROS USA, INC., as
Guarantor

 	 
	 	By:  	/s/ Gay Stanley Mayeux
 	 
	 	 	Name:  	Gay Stanley Mayeux 	 
	 	 	Title:  	Vice President - Finance 	 
	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK, as
Trustee

 	 
	 	By:  	/s/ Beata Hryniewicka
 	 
	 	 	Name:  	Beata Hryniewicka 	 
	 	 	Title:  	Assistant Vice President 	 
	 

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