Great Lakes Dredge gets $300 million amended and restated revolver

By Sara Rosenberg

New York, Aug. 1 – Great Lakes Dredge & Dock Corp. closed on July 29 on a $300 million amended and restated five-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Monday.

PNC Capital Markets, CIBC Bank USA, Bank of America and Truist Securities Inc. acted as the joint lead arrangers and bookrunners on the deal, with PNC the agent.

Pricing on the revolver can range from SOFR plus 125 basis points to 175 bps based on the quarterly average undrawn availability, and any green loan advances will be priced 50 bps lower than the corresponding applicable rate.

There is a $100 million accordion feature and a springing maturity to 91 days prior to the scheduled maturity date of the company’s unsecured senior notes, which is June 1, 2029, if the company fails to refinance its unsecured senior notes prior to their scheduled maturity date.

Proceeds will be used for general corporate purposes and with respect to any green loan, fund capital investments related to renewable energy and clean transportation projects.

Great Lakes Dredge is a Houston-based provider of dredging services.

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