Great Lakes Dredge Announces Pricing of Senior Note Offering

Great Lakes Dredge & Dock Corporation yesterday announced the pricing of its previously-announced offering of $325 million aggregate principal amount of senior notes due 2022.

According to the release, the 2022 Notes were priced at par with a coupon rate of 8.000%. The 2022 Notes will mature on May 15, 2022. Each of GLDD’s existing and future wholly owned domestic subsidiaries that guarantee its senior secured revolving credit facility will guarantee the 2022 Notes.

In the release, the company said that it intends to use the net proceeds from the debt offering to complete its previously-announced pending cash tender offer, subject to the terms and conditions described in the related tender offer documents dated May 12, 2017, to purchase any and all of the $275 million aggregate principal amount of the company’s outstanding 7.375% Senior Notes due 2019 (the “2019 Notes”), and to redeem any 2019 Notes that remain outstanding following the completion of the tender offer, including the payment of accrued and unpaid interest payable on the 2019 Notes purchased under these transactions and all related fees and expenses (together, the “Refinancing Transactions”).

The company expects to use any remaining net proceeds from the debt offering after the completion of the Refinancing Transactions to reduce GLDD’s indebtedness under its senior secured revolving credit facility.

The issuance of the 2022 Notes is expected to close on May 24, 2017, subject to customary closing conditions, but is not conditioned upon consummation of the tender offer.

 

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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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