Great Lakes Dredge & Dock Enters Material Agreement

TL;DR

GLDD signed a big deal, details TBD.

AI Summary

Great Lakes Dredge & Dock Corporation (GLDD) entered into a Material Definitive Agreement on April 24, 2024. The filing does not specify the nature of the agreement or any associated dollar amounts, but it indicates a significant event for the company.

Why It Matters

This filing signifies a new, significant contractual commitment for Great Lakes Dredge & Dock, which could impact its future operations and financial performance.

Risk Assessment

Risk Level: medium — The lack of specific details about the material definitive agreement introduces uncertainty regarding its potential impact on the company.

Key Players & Entities

• Great Lakes Dredge & Dock Corporation (company) — Registrant
• April 24, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock (Par Value $0.0001) GLDD Nasdaq Stock Market, LLC In
• $150,000,000 — y, the "Credit Parties") entered into a $150,000,000 second lien credit agreement (as amende
• $100,000,000 — ty in the aggregate principal amount of $100,000,000, which was funded in full on the initia
• $50,000,000 — in the aggregate principal amount up to $50,000,000, which is available to the Company for
• $94,000,000 — ers' legal expenses, were approximately $94,000,000. The Company expects to pay an addition
• $6,000,000 — ects to pay an additional approximately $6,000,000 of fees and expenses in connection with
• $12,500,000 — maintain consolidated liquidity of (a) $12,500,000 at any time the fixed charge coverage r
• $25,000,000 — bject to a make-whole carveout of up to $25,000,000 (less the amount of any undrawn delayed

Filing Documents

• gldd-20240424.htm (8-K) — 55KB
• gldd-ex10_1.htm (EX-10.1) — 1383KB
• gldd-ex10_2.htm (EX-10.2) — 1858KB
• img153254126_0.jpg (GRAPHIC) — 20KB
• img215423967_0.jpg (GRAPHIC) — 3KB
• 0000950170-24-047945.txt ( ) — 4019KB
• gldd-20240424.xsd (EX-101.SCH) — 59KB
• gldd-20240424_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. Second Lien Credit Agreement 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"). The material terms of the Second Lien Credit Agreement are summarized below. The Second Lien Credit Agreement provides for (i) a senior secured second-lien term loan facility in the aggregate principal amount of $100,000,000, which was funded in full on the initial closing date (the "Closing Date") and (ii) a senior secured second-lien delayed draw term loan facility in the aggregate principal amount up to $50,000,000, which is available to the Company for a period of 12 months following the Closing Date. Net proceeds to the Company on the Closing Date, after payment of original discount on the initial loans, a closing fee on the delayed draw facility, other lender fees, and lenders' legal expenses, were approximately $94,000,000. The Company expects to pay an additional approximately $6,000,000 of fees and expenses in connection with the transactions occurring on the Closing Date, including the ABL Amendment described below, which include lender and arranger fees related to the ABL Amendment, financial advisory fees and the Company's legal expenses. The Second Lien Credit Agreement contains customary representations, mandatory prepayments and affirmative and negative covenants, including a minimum liquidity

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d)Exhibits. 10.1 Second Lien Credit Agreement, dated April 24, 2024 10.2 Amendment No. 1 to Second Amended and Restated Revolving Credit and Security Agreement, dated April 24, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) S IGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GREAT LAKES DREDGE & DOCK CORPORATION By: /s/Scott L. Kornblau Scott L. Kornblau Senior Vice President, Chief Financial Officer and Treasurer Date: April 25, 2024

View Full Filing

View this 8-K filing on SEC EDGAR