Great Lakes Dredge starts roadshow for $325 million eight-year notes

By Paul A. Harris

Portland, Ore., May 10 – Great Lakes Dredge & Dock Corp. started a roadshow on Monday for a $325 million offering of eight-year senior notes, according to a syndicate source.

The deal was scheduled to kick off on a Monday conference call with investors and will be marketed on a roadshow through Wednesday. Pricing is expected on Thursday.

BofA Securities Inc. is the left bookrunner. Truist Securities Inc. is the joint bookrunner. PNC Capital Markets LLC, CIBC World Markets Corp., HSBC Securities (USA) Inc., Deutsche Bank Securities Inc. and CJS Securities Inc. are the co-managers.

The Rule 144A for life notes become callable after three years at par plus 50% of the coupon and feature a three-year 40% equity clawback at par plus the full coupon and have a 101% poison put.

The Houston-based provider of construction services in dredging and land reclamation plans to use the proceeds plus cash on hand to redeem all of its outstanding 8% senior notes due 2022.

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