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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Guggenheim Credit Funding Provides $150MM Second-Lien Financing to Great Lakes Dredge & Dock
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Lenders/Participants
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Guggenheim Credit Funding [Lender]
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Structure
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Second-Lien Financing
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Amount
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$150.000
Million
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Borrower(s)
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Great Lakes Dredge & Dock Corporation
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Description
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The Company borrowed $100,000,000 under the Second Lien Credit Agreement on the Closing Date and has the option to draw an additional $50,000,000 for a period of 12 months following the closing date of the initial loan. The loans under the Second Lien Credit Agreement funded on the Closing Date were used to repay amounts outstanding under the ABL Credit Agreement and to pay fees associated with the transactions and will be used to fund upcoming newbuild payments. The delayed draw portion of the term loans, if funded, will be used to fund future newbuild payments, ongoing working capital and other general corporate purposes. The Second Lien Credit Agreement contains customary representations and affirmative and negative covenants as well as customary events of default. The obligations under the Second Lien Credit Agreement are secured on a second-priority basis by substantially all of the Company’s assets. Further details on the terms of the Second Lien Credit Agreement can be found in the Company’s Form 8-K for the Second Lien Credit Agreement which will be filed within the next four business days.
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Industry
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Marine
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| Related Tags |
Marine
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ABL Advisor
Deal Tables
2024
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