Subsequent Events

6 Months Ended

Jun. 30, 2018

Subsequent Events.

Subsequent Events

Note 18—Subsequent Events

Amendment to the Credit Agreement

On July 9, 2018, we entered into the First Amendment and Joinder to the Amended and Restated Credit Agreement (the “July Amendment”) with the Administrative Agent and the Lenders. On August 3, 2018, we entered into the Second Amendment to the Amended and Restated Credit Agreement (the “August Amendment”, and together with the July Amendment, the “Amendments”) with the Administrative agent and the Lenders. The Amendments amend the Credit Agreement, dated as of September 29, 2017, among such parties.

The Amendments, among other things, modify the Credit Agreement to include a $220.0 million term loan (the “Term Loan”), increases the accordion feature that will allow us to increase the Term Loan or borrowing capacity under the Revolving Credit Facility by $75.0 million, and extends the maturity date of the Credit Agreement from September 29, 2022 to July 9, 2023.

The Term Loan requires quarterly principal payments equal to 1.250%, or 5.000% per annum, of the original principal amount of the Term Loan for the first three years and 1.875%, or 7.500% per annum, of the original principal amount of the Term Loan for years four and five, with the balance due on July 9, 2023. The first principal payment will be due on September 30, 2018.

The proceeds from the Term Loan were used to refinance and extinguish all of the notes issued under our Senior Secured Notes and Shelf Agreement, to pay down a significant portion of the borrowings under our Revolving Credit Facility that was used to finance the acquisition of Willbros, and for general corporate purposes.

Cash Dividend

On  August 2, 2018, the Board of Directors declared a cash dividend of $0.06 per share of common stock for stockholders of record as of September 28, 2018, payable on or about October 15, 2018.