By Paul A. Harris
Portland, Ore., Jan. 25 - Great Lakes Dredge & Dock Corp. priced a $250 million issue of eight-year senior notes (B3/B) at par to yield 7 3/8% on Tuesday, according to market sources.
The yield printed 12.5 basis points richer than the 7 5/8% area price talk.
Deutsche Bank Securities Inc. and Bank of America Merrill Lynch were the joint bookrunners.
Proceeds will be used to repay the company's 7¾% senior subordinated notes due in December 2013 and for general corporate purposes, which may include acquisitions.
The issuer is an Oak Brook, Ill.-based provider of dredging services and commercial and industrial demolition services.
| Issuer: | Great Lakes Dredge & Dock Corp.
|
| Amount: | $250 million
|
| Maturity: | Feb. 1, 2019
|
| Securities | Senior notes
|
| Bookrunners: | Deutsche Bank Securities, Bank of America Merrill Lynch
|
| Co-manager: | Lazard Capital Markets
|
| Coupon: | 7 3/8%
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| Call protection: | Four years
|
| Trade date: | Jan. 25
|
| Settlement date: | Jan. 28
|
| Rating: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7 5/8% area
|
| Marketing: | Roadshow
|
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