![]() ![]() ![]() Oak Brook, IL-based Great Lakes Dredge & Dock is a provider of dredging services in the U.S. ![]() We appreciate the support of PNC and our other lenders in putting forth this new 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. Army Corps of Engineers Great Lakes Dredging Team8 provides. Mark Marinko, interim CEO and CFO said, “I am pleased that we were successful in putting in place a new secured revolving credit facility. Both interest rates include a calculation to take into account undrawn availability on the facility. Interest on the senior secured revolving credit facility is equal to either a base rate option or LIBOR option, at the company’s election. The revolving credit facility is secured by substantially all of the assets of the company. The agreement eventually fell apart, and Great Lakes went looking for another yard to finish building the ATB enter Eastern. 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. Great Lakes entered into an estimated 94 million contract with Signal International back in 2012 to build what was billed as the first ATB trailing suction hopper dredge. The bank group consisted of PNC, The PrivateBank, SunTrust Robinson Humphrey, Capital One, Bank of America, Texas Capital Bank and Woodforest National Bank. PNC Bank acted as administrative agent and issuing lender. Great Lakes Dredge & Dock closed a $250 million three-year revolving credit facility. ![]()
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