Great Lakes Dredge amendment allows it to buy back subordinated debt from time to time

By Angela McDaniels

Tacoma, Wash., April 29 - Great Lakes Dredge & Dock Corp. may seek to repurchase a portion of its subordinated debt from time to time through cash repurchases in the open market and/or in privately negotiated transactions, according to an 8-K filing with the Securities and Exchange Commission.

The company amended its underwriting and continuing indemnity agreement with Travelers Casualty and Surety Co. and Travelers Casualty and Surety Co. of America on Monday. The amendment expands the scope of the company's $5 million annual dividend limit to include purchases and redemptions of subordinated debt.

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

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