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.

 

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