Great Lakes Executes $250 Million Revolving Credit Facility

Great Lakes Dredge & Dock Corporation (GLDD) announced recently that it has closed on a $250 million three year revolving credit facility.

PNC Bank, National Association (PNC) acted as Administrative Agent and Issuing Lender, reported GLDD.

The bank group consists of PNC, The PrivateBank and Trust Company, Suntrust Robinson Humphrey, Inc., Capital One, Bank of America, N.A., Texas Capital Bank, and Woodforest National Bank.

According to GLDD, the credit facility will be used to refinance existing indebtedness under the company’s former revolving credit facility, refinance existing indebtedness under the company’s former term loan agreement, pay fees and expenses related to the new credit facility, finance permitted acquisitions, finance ongoing working capital and for other general corporate purposes.

Mark Marinko, Interim Chief Executive Officer and Chief Financial Officer stated: “I am pleased that we were successful in putting in place a new secured revolving credit facility. This facility allows us to operate our business in a covenant light structure as we continue to use our free cash flow to pay for our new ATB vessel. We appreciate the support of PNC and our other lenders in putting forth this new facility.”

 

Share this article

Follow Dredging Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

CEDA Dredging Days 2019

The conference is well-attended by professionals representing the entire cross-section of the dredging field…

read more >

2019 Western Dredging Association Gulf Coast Chapter Annual Meeting

The meeting will provide a forum for the exchange of information of interest to the dredging industry and its associates.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of DredgingToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Dredging jobs in Abu Dhabi at NMDC

National Marine Dredging Company “NMDC” aims to be the largest dredging player in the Arab’s Gulf region...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of DredgingToday.com, you'll reach countless professionals in the sector. For more information, click below....

apply