Great Lakes Dredge & Dock obtains new $250 million three-year revolver

By Wendy Van Sickle

Columbus, Ohio, Jan. 6 – Great Lakes Dredge & Dock Corp. closed a $250 million three-year revolving credit facility, according to a press release.

PNC Bank, NA acted as administrative agent.

The credit facility will be used to refinance the company’s former revolver and former term loan agreement, to pay fees and expenses related to the new credit facility, for permitted acquisitions and for working capital and general corporate purposes.

Interest equals Libor plus a margin based on usage of the facility.

The revolver is secured by substantially all of the assets of the company.

Great Lakes must maintain a maximum fixed charge coverage ratio of 1.1 times and is also restricted in the amount of capital expenditures it may make in each of the next three fiscal years.

“This facility allows us to operate our business in a covenant light structure as we continue to use our free cash flow to pay for our new ATB vessel,” Mark Marinko, interim chief executive officer and chief financial officer of Great Lakes, said in the release.

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

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