Great Lakes also announced that it used today a portion of the net proceeds from its sale of the 2022 Notes to purchase (the "Tender Settlement") approximately
Great Lakes also today called for the redemption all of the 2019 Notes that remain outstanding following today's Tender Settlement at a redemption price of 100% of the principal amount thereof, plus accrued and unpaid interest to, but excluding the redemption date (the "Redemption"). The Redemption of such remaining 2019 Notes will be funded with a portion of the net proceeds from today's sale of the 2022 Notes, and is expected to occur on
Following the funding of the Tender Settlement and the Redemption, the Company intends to use the remaining net proceeds from today's sale of the 2022 Notes to repay a portion of the outstanding indebtedness under its senior secured revolving credit facility.
For additional information regarding (i) the completion of the offering of 2022 Notes, (ii) the Tender Settlement or (iii) the
Redemption, please see the Current Report on Form 8-K that the Company expects to file with the
This press release is for informational purposes only and shall not constitute, or be deemed to constitute, a notice of redemption of the 2019 Notes under the indenture governing the 2019 Notes. This press release is neither an offer to purchase or an offer to sell, nor a solicitation of an offer to sell or to purchase, any securities, nor is it a solicitation for acceptance of the Tender Offer.
Great Lakes is the largest provider of dredging services in
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
Factors that could affect actual results include but are not limited to the possibility that the Company's existing noteholders will not be receptive to the Tender Offer or the Company's potential debt investors will not be receptive to the Debt 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 credit ratings of the Company; changes in the Company's cash requirements, financial position, financing
plans or investment plans; changes in general market, economic, tax, regulatory or industry conditions that impact the ability or willingness of the Company to consummate the above-described transactions on the terms described above or at all; and other risks referenced from time to time in the Company's filings with the
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:
Abby SullivanInvestor Relations 630-574-3024
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