Great Lakes Dredge & Dock upsizes credit facility to $430 million, extends maturity, and repays second lien notes, enhancing financial stability.
Quiver AI Summary
Great Lakes Dredge & Dock Corporation announced the successful amendment of its Revolving Credit Facility, increasing its capacity by $100 million to a total of $430 million and extending the maturity to October 2030. The company took advantage of this added capacity to repay $100 million in second lien notes from 2024, resulting in an estimated annual interest savings of $6 million. Senior executives emphasized that this amendment reinforces their strong financial position, with no debt maturities until 2029 and a favorable interest rate below 6%. The company, which is the largest dredging service provider in the U.S., highlighted its strategic growth in the offshore energy sector and the importance of its safety culture in maintaining a solid operational foundation.
Potential Positives
- Great Lakes Dredge & Dock Corporation successfully amended its Revolving Credit Facility, increasing its capacity by $100 million to $430 million, which enhances financial flexibility.
- The company utilized the increased credit to fully repay $100 million in higher-interest second lien notes, resulting in estimated annual savings of $6 million in interest.
- The extension of the facility's maturity to October 2030 significantly alleviates debt maturity pressures, with no debt maturities until 2029.
- This financial restructuring strengthens Great Lakes' balance sheet and reflects confidence from lending partners, positioning the company favorably to advance its strategic priorities and deliver value to shareholders.
Potential Negatives
- The company announced an increase in its revolving credit facility, indicating reliance on debt financing, which can be a concern for some investors.
- The repayment of $100 million in second lien notes suggests previous borrowing that may indicate financial stress or a strategy to alleviate high-interest debt, raising questions about past financial management.
FAQ
What recent financial change did Great Lakes Dredge & Dock Corporation announce?
Great Lakes announced an amendment to its Revolving Credit Facility, increasing it by $100 million and extending its maturity to October 2030.
How much will Great Lakes save annually from this financial amendment?
The amendment will save an estimated $6 million per year in interest by repaying the second lien notes at a lower interest rate.
What is the total amount of Great Lakes' Revolving Credit Facility now?
The total amount of Great Lakes' Revolving Credit Facility is now $430 million following the recent amendment.
How does this financial move affect Great Lakes' debt maturities?
Great Lakes has no debt maturities until 2029, strengthening its balance sheet and financial flexibility.
What is Great Lakes Dredge & Dock's history in the marine project sector?
Great Lakes has over 135 years of experience and has never failed to complete a marine project in its history.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$GLDD Insider Trading Activity
$GLDD insiders have traded $GLDD stock on the open market 3 times in the past 6 months. Of those trades, 0 have been purchases and 3 have been sales.
Here’s a breakdown of recent trading of $GLDD stock by insiders over the last 6 months:
- SCOTT LEE KORNBLAU (SVP & CFO) sold 59,805 shares for an estimated $686,322
- ELENI BEYKO (SVP - Offshore Energy) sold 22,579 shares for an estimated $231,599
- RONALD STEGER sold 5,000 shares for an estimated $57,925
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$GLDD Hedge Fund Activity
We have seen 103 institutional investors add shares of $GLDD stock to their portfolio, and 84 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ALLIANCEBERNSTEIN L.P. removed 2,606,419 shares (-97.1%) from their portfolio in Q2 2025, for an estimated $31,772,247
- CENTERBOOK PARTNERS LP removed 770,792 shares (-68.7%) from their portfolio in Q2 2025, for an estimated $9,395,954
- ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added 733,312 shares (+680.1%) to their portfolio in Q2 2025, for an estimated $8,939,073
- JENNISON ASSOCIATES LLC removed 517,056 shares (-9.7%) from their portfolio in Q2 2025, for an estimated $6,302,912
- PRIVATE MANAGEMENT GROUP INC removed 488,992 shares (-42.8%) from their portfolio in Q2 2025, for an estimated $5,960,812
- CUBIST SYSTEMATIC STRATEGIES, LLC added 394,543 shares (+404.0%) to their portfolio in Q2 2025, for an estimated $4,809,479
- BLACKROCK, INC. removed 378,765 shares (-5.3%) from their portfolio in Q2 2025, for an estimated $4,617,145
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
HOUSTON, Oct. 27, 2025 (GLOBE NEWSWIRE) -- Great Lakes Dredge & Dock Corporation ("Great Lakes" or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced that on October 24, 2025, it completed an amendment to its existing Revolving Credit Facility, upsizing the facility by $100 million to $430 million and extending its maturity to October 2030.
As part of this transaction, the Company utilized the increased revolver capacity to fully repay the $100 million second lien notes issued in 2024.
The Company filed a Form 8-K with the Securities and Exchange Commission that contains further details regarding the completion of the transactions. The foregoing descriptions of the transactions do not purport to be complete and are qualified in their entirety by reference to the Form 8-K and exhibits thereto.
Scott Kornblau, Senior Vice President and Chief Financial Officer commented, “The increased capacity achieved with the successful amendment to our Revolving Credit Facility enabled us to pay off the second lien notes, at a much lower interest rate, saving an estimated $6 million per year in interest. Our balance sheet is stronger than ever with no debt maturities until 2029 and a weighted average interest rate under 6%.”
Lasse Petterson, President and Chief Executive Officer added, "The expansion of Great Lakes’ revolving credit facility highlights the strength of our credit profile and reflects the continued confidence of our lending partners. This enhanced financial flexibility, combined with strong cash flow generation and the conclusion of our current newbuild program, positions the Company to advance its strategic priorities and deliver sustained value to shareholders.”
The Company
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States, which is complemented with a long history of performing significant international projects. In addition, Great Lakes is fully engaged in expanding its core business into the offshore energy industry. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production, and project management functions. In its over 135-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 approximately 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-and 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
Certain statements in this press release may constitute "forward-looking" statements as defined in Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the "PSLRA") or in releases made by the Securities and Exchange Commission (the "SEC"), all as may be amended from time to time. 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. Statements that are not historical facts are forward-looking statements. These cautionary statements are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining the benefits of the "safe harbor" provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future events.
Although Great Lakes believes that its plans, intentions, and expectations reflected in this press release are reasonable, actual events could differ materially. 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 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:
Eric Birge
Vice President of Investor Relations
313-220-3053
