Great Lakes Dredge to redeem remaining 7 3/8% notes due 2019 June 23

By Wendy Van Sickle

Columbus, Ohio, May 24 – Great Lakes Dredge & Dock Corp. called its remaining outstanding 7 3/8% senior notes due 2019 for redemption on June 23.

The notes will be redeemed at par plus accrued interest to, but excluding, the redemption date, according to a press release.

As previously reported investors tendered $185,901,000 principal amount, or 67.6%, of the $275 million of the notes in an offer that ended at 5 p.m. ET on May 19.

That amount excludes tenders for another $407,000 principal amount of outstanding notes under guaranteed delivery procedures.

Under the tender offer, the company paid $1,004.00 per $1,000 principal amount plus accrued interest up to but excluding the May 24 settlement date.

The company is financing the redemption and the tender offer with some proceeds of its $325 million 8% senior notes due 2022, which settled on May 24.

Great Lakes Dredge & Dock is an Oak Brook, Ill., provider of dredging services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.