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Willbros notifies shareholders of notes option

Willbros Group Inc. said Friday it is notifying holders of the $32.1 million outstanding principal amount of its 6.5 percent senior convertible notes due 2012 that they have the option to require Willbros to buy the notes.

Willbros is an independent contractor serving the oil, gas, power, refining and petrochemical industries.

The company said the holders have the option to require the company to buy the notes on Dec. 15 at a purchase price in cash equal to 100 percent of the principal amount of the notes, plus any accrued and unpaid interest.

Willbros said the holders can surrender the notes for purchase starting on Nov. 12, through Dec. 13.

Shares of fell 61 cents, or 6.8 percent, to $8.34 in afternoon trading. The stock has traded between $6.80 and $18.51 over the last 52 weeks.