Great Lakes Dredge & Dock Corporation (NASDAQ: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. The revolving credit facility is an unsecured facility and will remain unsecured provided the Company maintains a total leverage ratio less than or equal to 3.75 to 1.00 as of the end of each fiscal quarter. If the leverage ratio exceeds 3.75 to 1.00, or an event of default occurs and is not cured within the applicable grace period, the revolving credit facility will cease to remain unsecured. This “springing lien” feature of the revolving credit agreement allows the Company the benefit of an unsecured line of credit while giving the lenders the ability to provide a facility that has security features available should the Company choose to increase leverage based upon business decisions. In the event of the facility becomes secured, outstanding obligations shall be automatically secured by certain vessels and all domestic accounts receivable, subject to the liens and interests of other parties (including the Company’s bonding provider) holding first priority perfected liens.