Great Lakes Dredge & Dock completes $175 million credit facility

By Sara Rosenberg

New York, June 7 - Great Lakes Dredge & Dock Corp. closed on a new $175 million unsecured five-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Wells Fargo Securities LLC acted as the lead arranger and bookrunner on the deal that was completed on June 4.

Pricing on the revolver can range from Libor plus 150 basis points to 250 bps and the commitment fee can range from 25 bps to 45 bps, based on leverage. Initial pricing is Libor plus 175 bps with a 30 bps commitment fee.

Proceeds were used to refinance an existing credit facility and are available for working capital, future acquisitions and other general corporate purposes.

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

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