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S&P rates Great Lakes Dredge facility B+, notes B-
Standard & Poor's said it assigned its B- rating to Great Lakes' proposed $170 million subordinated notes due 2013, which are being issued under Rule 144A with registration rights, and its B+ bank loan rating to Great Lakes' proposed senior secured credit facility.
These ratings are not on CreditWatch.
Separately, S&P said that its B+ corporate credit and other ratings on Great Lakes Dredge & Dock Corp. remain on CreditWatch with negative implications, pending completion of the company's acquisition by Madison Dearborn Partners LLC (unrated) from Citigroup Venture Capital (unrated) for $340 million.
Assuming the deal is financed as outlined by the company to S&P, the corporate credit rating will be affirmed and the outlook most likely will be stable, the agency said.
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