Saltchuk Resources Commences Cash Tender Offer for 5.25% Senior Notes
Saltchuk Resources and Great Lakes Dredge & Dock Corporation announced that the Offeror has commenced a cash tender offer for any and all of the Company's 5.25% Senior Notes due 2029. In conjunction with the Tender Offer, the Offeror is soliciting consents from holders of the Notes to amend certain provisions of the indenture, dated as of May 25, 2021, between Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee, the Company and the subsidiary guarantors party thereto, under which the Notes were issued. In order for the Proposed Amendments to be approved with respect to the Notes, Holders of a majority in principal amount of the outstanding Notes must consent to the Proposed Amendments. If the Requisite Consents with respect to the Notes are received, the Proposed Amendments would, among other things, eliminate substantially all of the restrictive covenants, eliminate certain events of default and modify certain redemption notice requirements with respect to the Notes.
