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.”

 

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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