In a statement Nasdaq-quoted GLDD said it plans to offer up to $25m worth of 7.375% senior notes that will mature in 2019.
“The notes are expected to constitute a further issuance of and be consolidated and form a single series with the company’s previously issued 7.375% senior notes due 2019 in the aggregate principal amount of $250m,” it added.
GLDD indicated that proceeds from the fundraiser will likely be used to repay debt tied to a revolving credit facility that helped fund the recent acquisition of Magnus Pacific Corporation, which specialises in levee rehabilitation, ground stabilisation and mine reclamation.
GLDD,
