Great Lakes Dredge amends restricted payment caps under revolver

By Marisa Wong

Madison, Wis., Dec. 14 - Great Lakes Dredge & Dock Corp. entered into a first amendment to its senior revolving credit facility dated June 4, 2012 with Wells Fargo Bank, NA as administrative agent. The amendment was completed on Dec. 11, according to an 8-K filed Friday with the Securities and Exchange Commission.

The amendment

• Increases the maximum restricted payment total for the 2012 fiscal year to $18.7 million from $7.5 million; and

• Sets the maximum restricted payment total for 2013 at $7.5 million if the company's current consolidated total leverage ratio is less than or equal to 2.5 to 1.00.

The amendment does not change the restricted payment cap after 2013.

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

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