secwatch.observer — SEC 8-K summary
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Issuer:     Great Lakes Dredge & Dock CORP (—)
CIK:        0001372020
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0000950170-24-047945
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1372020/000095017024047945/0000950170-24-047945-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1372020/000095017024047945/gldd-20240424.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-047945

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