Great Lakes Dredge & Dock amends, restates $200 million revolver

By Sarah Lizee

Olympia, Wash., May 9 – Great Lakes Dredge & Dock Corp. entered on May 3 into an amended and restated revolving credit and security agreement with PNC Bank, NA as agent, providing for an up to $200 million senior secured revolver, according to an 8-K filing with the Securities and Exchange Commission.

PNC Capital Markets, CIBC Bank USA, SunTrust Robinson Humphrey, Inc. and Bank of America, NA are joint lead arrangers and joint bookrunners. HSBC USA, NA is the documentation agent.

The full amount of the revolver is available for standby letters of credit.

Th revolver may be increased by up to $100 million.

Interest ranges from Libor plus 150 basis points to 200 bps and was Libor plus 150 at close. The margin depends on availability.

There is a springing financial covenant that requires Great Lakes to maintain a fixed charge coverage ratio of not less than 1.1 to 1.0.

The amended credit agreement matures on May 3, 2024, provided that the maturity date will be accelerated to the date that is 91 days prior to the scheduled maturity date of the company’s senior notes if the company fails to refinance its unsecured senior notes prior to their scheduled maturity date.

The refinanced notes must have a maturity on or after the date that is 180 days after the maturity date of the amended credit agreement.

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

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