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.”