GLDD Completes Refinancing Transactions

Great Lakes Dredge & Dock Corporation (GLDD) announced yesterday that it had completed previously-announced private offering of $325 million of 8.000% Senior Notes due 2022.

The company also announced that it used a portion of the net proceeds from its sale of the 2022 Notes to purchase approximately $186.1 million of its $275.0 million aggregate principal amount of 7.375% Senior Notes due 2019 that were validly tendered and not validly withdrawn in accordance with the terms and conditions of its previously-announced tender offer for the 2019 Notes.

GLDD yesterday called for the redemption all of the 2019 Notes that remain outstanding following the tender settlement at a redemption price of 100% of the principal amount thereof, plus accrued and unpaid interest to, but excluding the redemption date.

Following the funding of the tender settlement and the redemption, the company intends to use the remaining net proceeds from the sale of the 2022 Notes to repay a portion of the outstanding indebtedness under its senior secured revolving credit facility.


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