GLDD: Pricing of $25M of Senior Notes Due 2019

Great Lakes Dredge & Dock Corporation yesterday announced that it has priced its previously announced offering of $25 million in aggregate principal amount of its 7.375% Senior Notes due 2019 and entered into an agreement to sell the Notes.

The closing of the offering is expected to occur on November 24, 2014, subject to customary closing conditions.

The Notes were priced at 99.500% of face value, plus pre-issuance accrued and unpaid interest from August 1, 2014. The Notes will mature on February 1, 2019. The Notes will constitute a further issuance of and be consolidated and form a single series with the Company’s previously issued 7.375% Senior Notes due 2019 in the aggregate principal amount of $250,000,000, except that (i) the Notes will not be registered under the Securities Act of 1933, as amended, and will have transfer restrictions, registration rights and rights to special interest that are not applicable to the Outstanding Notes and (ii) the Notes will have a separate CUSIP number from that of the Outstanding Notes.

Great Lakes intends to use the net proceeds from the offering of the Notes to repay indebtedness incurred under its senior secured revolving credit facility in connection with the recently announced acquisition of Magnus Pacific Corporation, and for general corporate purposes.

The Notes will be sold to qualified institutional buyers pursuant to Rule 144A and to certain persons outside the United States pursuant to Regulation S, each under the Securities Act.

The Notes and the guarantees have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, the guarantees or any other securities, nor shall there be any sale of the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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