Great Lakes Dredge enters $150M second lien credit agreement with Guggenheim

Great Lakes Dredge & Dock CORP

$100M funded on closing, $50M delayed draw available for 12 months; net proceeds ~$94M after fees.
Proceeds used to repay ABL borrowings, pay transaction fees, and fund newbuild vessel payments.
ABL Credit Agreement amended to add same minimum liquidity covenant: $12.5M or $50M based on fixed charge coverage.
Interest on term loans: Term SOFR + 7.75% or Base Rate + 6.75%; quarterly fee of 1.0% on undrawn delayed draw.
Maturity: earlier of April 2029 or 91 days before maturity of 5.250% Senior Notes due 2029.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Great Lakes Dredge & Dock CORP entered into ABL Amendment with PNC Bank, National Association, as agent for the lenders, and certain financial institutions party thereto (effective 2024-04-24).

Action: entry
Agreement: credit facility
Counterparty: PNC Bank, National Association, as agent for the lenders, and certain financial institutions party thereto
Effective: 2024-04-24

Exact text from the filing

On April 24, 2024, the Credit Parties, PNC Bank, National Association (“PNC”), as agent for the lenders, and certain financial institutions party thereto entered into an amendment to the ABL Credit Agreement (the “ABL Ame

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Great Lakes Dredge & Dock CORP entered into Second Lien Credit Agreement with Guggenheim Corporate Funding, LLC, on behalf of one or more clients, as the lender; Guggenheim Credit Services, LLC as Administrative Agent, Collateral Agent and Lead Arranger valued at $150,000,000 (effective 2024-04-24).

Action: entry
Agreement: credit facility
Counterparty: Guggenheim Corporate Funding, LLC, on behalf of one or more clients, as the lender; Guggenheim Credit Services, LLC as Administrative Agent, Collateral Agent and Lead Arranger
Value: $150,000,000
Effective: 2024-04-24

Exact text from the filing

On April 24, 2024, Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”), Great Lakes Dredge & Dock Company, LLC, NASDI Holdings, LLC, Great Lakes Environmental & Infrastructure Solutions, LLC, Great Lakes U.S. Fleet Management, LLC, and Drews Services LLC (collectively with the Company, the “Credit Parties”) entered into a $150,000,000 second lien credit agreement (as amended, supplemented or otherwise modified from time to time, the “Second Lien Credit Agreement”) with Guggenheim Corporate Funding, LLC, on behalf of one or more clients, as the lender, and Guggenheim Credit Services, LLC as Administrative Agent, Collateral Agent and Lead Arranger (“GCS”).

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Source: SEC EDGAR

accession 0000950170-24-047945

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