Great Lakes Announces New $150M Second-Lien Financing Agreement
Portfolio Pulse from Benzinga Newsdesk
Great Lakes Dredge & Dock Corporation (GLDD) has entered into a $150M senior secured second-lien credit agreement with Guggenheim Credit Funding, LLC. The company borrowed $100M initially with an option to draw an additional $50M. The funds will be used to repay existing debts and for future newbuild payments, working capital, and other corporate purposes. The agreement includes customary covenants and the obligations are secured by the company's assets.
April 24, 2024 | 8:48 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Great Lakes Dredge & Dock Corporation secures a $150M second-lien credit agreement to manage debts and fund future projects.
The new financing agreement provides GLDD with significant financial flexibility, allowing it to manage existing debts and fund future projects. This move is likely to be viewed positively by investors as it strengthens the company's balance sheet and supports its growth strategy. The immediate use of funds to repay outstanding debts under the ABL Credit Agreement also signals prudent financial management. However, the impact on the stock price will depend on investor perception of the company's long-term growth prospects and the terms of the financing agreement.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100