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S&P gives Great Lakes Dredge notes B
S&P said it gave Great Lakes Dredge & Dock Corp.’s planned $325 million of eight-year senior unsecured notes B and 4 recovery ratings. The recovery rating indicates average (30%-50%; rounded estimate: 40%) recovery in default.
The agency concurrently affirmed Great Lakes’ B issuer rating.
Great Lakes will use the proceeds to refinance its 8% senior unsecured notes due 2022, also rated B.
The outlook is stable.
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