Daily News: January 9, 2017

PNC Agents $250MM Revolver for Great Lakes Dredge & Dock


Great Lakes Dredge & Dock closed a $250 million three-year revolving credit facility. PNC Bank acted as administrative agent and issuing lender. The bank group consisted of PNC, The PrivateBank, SunTrust Robinson Humphrey, Capital One, Bank of America, Texas Capital Bank and Woodforest National Bank.

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

The revolving credit facility is secured by substantially all of the assets of the company. Interest on the senior secured revolving credit facility is equal to either a base rate option or LIBOR option, at the company’s election. Both interest rates include a calculation to take into account undrawn availability on the facility.

Mark Marinko, interim CEO and CFO said, “I am pleased that we were successful in putting in place a new secured revolving credit facility. 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. We appreciate the support of PNC and our other lenders in putting forth this new facility.”

Oak Brook, IL-based Great Lakes Dredge & Dock is a provider of dredging services in the U.S.