Home Dredging Today Great Lakes Dredge Announces Pricing of Senior Note Offering
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.
View post tag: Great Lakes Dredge
Great Lakes awarded $60.9 million in dredging work
Great Lakes Dredge & Dock Corporation (GLDD) announced today the receipt of several major dredgi...
Slight delay for the Post-Florence beachfill project
Great Lakes Dredge & Dock (GLDD) has shifted the start of Phase III of the Post-Florence renouri...
Florence renourishment project – PHASE III
Great Lakes Dredge & Dock (GLDD) is about to begin preparations for the Phase 3 of the Post-Flor...
The Great Lakes – more than just an economic engine
U.S. Senators Debbie Stabenow and Gary Peters announced yesterday that they have secured a major inc...
Boskalis finances CSD Krios with ECA covered loan
Inter RAO to build new terminal in Pionersky
LPLA: Bay City restoration project delayed