Saltchuk Resources, Inc. and Great Lakes Dredge & Dock Corporation announced today that Saltchuk has started a cash tender offer for any and all of GLDD’s 5.25% Senior Notes due 2029.
The tender offer is being made in connection with Saltchuk’s pending acquisition of Great Lakes through a merger agreement dated February 10, 2026.
Under the deal, Saltchuk’s acquisition subsidiary launched an equity tender offer on March 4, 2026 to purchase all outstanding Great Lakes common stock for $17.00 per share in cash.
Saltchuk will pay $971.25 per $1,000 principal amount of notes for holders who tender by the early deadline of March 31, 2026, plus an additional $30.00 early tender payment, totaling $1,001.25 per $1,000 principal amount.
Holders who tender after the early deadline but before the April 15, 2026 expiration will receive only the base consideration of $971.25 per $1,000 principal amount. All tendering holders will also receive accrued interest.
The tender offer includes a consent solicitation seeking approval from holders representing a majority of the outstanding notes to amend the indenture governing the notes.