Great Lakes Dredge & Dock amends loan, increasing leverage ratio

By Sara Rosenberg

New York, Aug. 31 - Great Lakes Dredge & Dock Corp. amended its credit facility, increasing its total leverage ratio to 5.6 to 1.0 for the four consecutive fiscal quarters ending Sept. 30, according to an 8-K filed with the Securities and Exchange Commission Thursday.

The change to the leverage ratio gives the company more flexibility to borrow under its revolver as the third quarter is being impacted by significant mobilization to domestic and foreign projects, required dry-dockings on certain vessels and the deferral of a large beach project due to typical environmental window restrictions.

In addition, the amendment allowed the company to obtain a secured revolver from Wells Fargo HSBC Trade Bank linked to an international letter of credit agreement that will be used for performance and advance payment guarantees on foreign contracts.

The amendment was completed on Aug. 28.

Bank of America is the administrative agent on the deal.

Great Lakes is an Oak Brook, Ill.-based provider of dredging services.

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