Great Lakes Dredge Begins Cash Tender Offer for Its Senior Notes

Great Lakes Dredge & Dock Corporation announced last week the commencement of a cash tender offer, subject to the terms and conditions described in the Tender Offer Documents, to purchase any and all of the $275 million aggregate principal amount of its outstanding 7.375% Senior Notes due 2019.

GLDD intends to purchase the 2019 Notes in the Tender Offer using a portion of the proceeds from the company’s concurrently announced private placement, subject to market and other conditions, of up to $325 million aggregate principal amount of senior notes due 2022.

The Tender Offer and the Debt Offering, when coupled with the proposed redemption are intended to enable the company to extend the average maturity and reduce the weighted average interest rate of its outstanding indebtedness, GLDD said.

The Tender Offer is being made pursuant to an offer to purchase dated May 12, 2017 and related notice of guaranteed delivery (together with the Offer to Purchase, the “Tender Offer Documents”), which set forth the complete terms and conditions of the Tender Offer.

The Tender Offer will expire at 5:00 p.m., New York City time, on May 19, 2017 (such date and time, as may be extended or earlier terminated as described in the Offer to Purchase, the “Expiration Time”), according to GLDD.

 

Share this article

Follow Dredging Today

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 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

Eastern Chapter WEDA Fall 2019 Conference

Wednesday (10/16/19) afternoon will start the program with an opportunity to take the Dredging 101 course.

read more >

10TH Annual Conference Dredging in India

The conference will focus on strategies and solutions to meet the future dredging requirements…

read more >

Australasian Coasts and Ports 2019

Conference Theme “Future directions from 40°S and beyond” reflects the increasing awareness about the need to find suitable…

read more >

PORTS Conference

The PORTS Conference series is internationally recognized as an outstanding opportunity to network with…

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

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