Great Lakes Dredge & Dock Corporation Announces Private Offering of Senior Notes
May 10 2021 - 8:30AM
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) (“Great
Lakes” or the “Company”) (NASDAQ: GLDD), announced today that,
subject to market conditions, it plans to offer $325 million
aggregate principal amount of fixed-rate, unsecured senior notes
(the “New Notes”) in a proposed private offering that will not be
registered under the Securities Act of 1933, as amended (the
“Securities Act”).
Great Lakes intends to use the net proceeds from
the offering, together with cash on hand, to redeem $325 million
aggregate principal amount of its outstanding 8.000% Senior Notes
due 2022.
The New Notes will not be registered under the
Securities Act or any state securities laws in the United States
and may not be offered or sold in the United States absent
registration or an exemption from the applicable registration
requirements. Accordingly, the New Notes are being offered and sold
only to persons reasonably believed to be qualified institutional
buyers in accordance with Rule 144A promulgated under the
Securities Act and to non-U.S. persons outside the United
States in accordance with Regulation S promulgated under the
Securities Act. Holders of the New Notes will not have registration
rights.
This press release does not constitute an offer
to sell, or a solicitation of an offer to buy, the New Notes, nor
will there be any sale of the New Notes in any jurisdiction in
which such offer, solicitation or sale would be unlawful. This
press release does not constitute a notice of redemption with
respect to any of the Company’s outstanding senior notes.
The Company
Great Lakes is the largest provider of dredging
services in the United States. In addition, the Company has a long
history of performing significant international projects. The
Company employs experienced civil, ocean and mechanical engineering
staff in its estimating, production and project management
functions. In its over 130-year history, the Company has never
failed to complete a marine project. Great Lakes owns and operates
the largest and most diverse fleet in the U.S. dredging industry,
comprised of over 200 specialized vessels. Great Lakes has a
disciplined training program for engineers that ensures
experienced-based performance as they advance through Company
operations. The Company’s Incident & Injury Free® (IIF®) safety
management program is integrated into all aspects of the Company’s
culture. The Company’s commitment to the IIF® culture promotes a
work environment where employee safety is paramount.
Cautionary Note Regarding
Forward-Looking Statements
Except for historical and factual information,
the matters set forth in this release and other of our oral or
written statements identified by words such as “intends,” “plans,”
“expects,” “anticipates,” “believes” and “will” and similar
expressions are forward-looking statements within the federal
securities laws. Such forward-looking statements involve known and
unknown risks, uncertainties and other important factors that could
cause the actual results, performance or achievements of Great
Lakes and its subsidiaries, or industry results, to differ
materially from any future results, performance or achievements
expressed or implied by such forward-looking statements. These
cautionary statements are being made with the intention of
obtaining the benefits of the “safe harbor” provisions of the
federal securities laws. Great Lakes cautions investors that any
forward-looking statements made by Great Lakes are not guarantees
or indicative of future performance. Important assumptions and
other important factors that could cause actual results to differ
materially from those forward-looking statements with respect to
Great Lakes, include, but are not limited to: the possibility that
potential debt investors will not be receptive to the offering on
the terms described above or at all; corporate developments that
could preclude, impair or delay the above-described transactions
due to restrictions under the federal securities laws; changes in
the Company’s credit ratings; changes in the cash requirements,
financial position, financing plans or investment plans of the
Company or its affiliates; changes in general market, economic,
tax, regulatory or industry conditions that impact the ability or
willingness of the Company or its affiliates to consummate the
above-described transactions on the terms described above or at
all; and other risks referenced from time to time in the filings of
the Company with the SEC.
Although Great Lakes believes that its plans,
intentions and expectations reflected in or suggested by such
forward-looking statements are reasonable, actual results could
differ materially from a projection or assumption in any
forward-looking statements. Great Lakes’ future financial condition
and results of operations, as well as any forward-looking
statements, are subject to change and inherent risks and
uncertainties. The forward-looking statements contained in this
press release are made only as of the date hereof and Great Lakes
does not have or undertake any obligation to publicly update or
revise any forward-looking statements whether as a result of new
information, subsequent events or otherwise, unless otherwise
required by law.
For further information contact:
Tina Baginskis Director, Investor
Relations 630-574-3024
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