USA: Great Lakes Dredge & Dock Corporation Commences Offering of Senior Notes Due 2019

Great Lakes Dredge & Dock Corporation today announced that, subject to market and other conditions, it intends to offer up to $250 million of Senior Notes (“Notes”). The Notes, if issued, would be senior unsecured obligations of the Company and its subsidiaries that guarantee the Notes. Each of the Company’s existing and future wholly owned domestic subsidiaries would guarantee the Notes.

Great Lakes intends to use the net proceeds from the offering of Notes to repay its 7 3/4% senior subordinated notes due December 15, 2013 and for general corporate purposes, which may include acquisitions.

The offering will be made to qualified institutional buyers pursuant to Rule 144A and to certain persons outside the United States pursuant to Regulation S, each under the Securities Act of 1933, as amended (the “Securities Act”).

The Notes have not been and will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Any issuance of the Notes will be subject to customary closing conditions.


Source: Great Lakes Dredge & Dock Corporation, January 18, 2011