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Great Lakes Dredge & Dock $170 million 10-year notes talked 7¾%-8%
By Paul A. Harris
St. Louis, Dec. 11 - Great Lakes Dredge & Dock Corp.'s proposed $170 million offering of 10-year senior subordinated notes (B3/B-) is talked to yield 7¾%-8%, a syndicate source said. The deal is expected to price on Friday.
Lehman Brothers, Credit Suisse First Boston and Banc of America Securities are underwriters of the Rule 144A issue.
The notes will be non-callable for five years.
Proceeds of the offering will be used to help fund the leveraged buyout of the company by Madison Dearborn Partners LLC from Ventura Holding Co. LLC.
Great Lakes Dredge & Dock is an Oak Brook, Ill., provider of dredging services.
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