Great Lakes Executes $175 Million Revolving Credit Facility

Great Lakes Dredge & Dock Corporation GLDD, the largest provider of dredging services in the United States and a major provider of commercial and industrial demolition and remediation services, today announced it has closed on a $175 million five year revolving credit facility. Wells Fargo Bank, National Association, (“Wells”) acted as Administrative Agent, Swingline Lender and an Issuing Lender. The bank group consists of Wells, Bank of America, N.A., PNC Bank, Fifth Third Bank, BMO Harris Bank, MB Financial Bank and Deutsche Bank. Great Lakes intends to use the facility for letters of credit, working capital, future acquisitions and other general corporate purposes. Interest on borrowings under the facility are calculated based upon a margin over either a Base Rate or LIBOR, at the Company's election and are dependent on certain financial ratios. This interest rate mechanism allows the Company more flexibility to benefit from today's low rate environment. The former facility, which had no borrowings and only letters of credit outstanding, was paid off in conjunction with closing this new facility.