Saltchuk Resources Inc. and Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced that Saltchuk commenced a cash tender offer for all of Great Lakes' outstanding 5.25% Senior Notes due 2029, valued at $325 million in principal amount.

The tender offer runs through April 15, 2026, with an early tender deadline of March 31, 2026. Holders who tender notes by the early deadline will receive $1,001.25 per $1,000 principal amount, while those tendering after the early deadline but before expiration will receive $971.25 per $1,000 principal amount, plus accrued interest in both cases.

The tender offer is tied to Saltchuk's pending acquisition of Great Lakes Dredge through a merger agreement signed February 10, 2026. Under that agreement, Saltchuk's subsidiary launched a separate tender offer March 4, 2026, to purchase all Great Lakes common stock at $17.00 per share. The companies expect to close the acquisition transactions in early second quarter 2026, currently scheduled for April 1, 2026.

Saltchuk is also soliciting consents from noteholders to eliminate substantially all restrictive covenants and certain default provisions in the bond indenture. Holders cannot tender notes without providing consent, and cannot provide consent without tendering notes.

The company plans to finance the acquisition and note tender using available cash and either proceeds from new senior credit facilities totaling $2.75 billion or existing credit facilities combined with a bridge loan facility.

Any notes not purchased through the tender offer will remain outstanding. Saltchuk indicated it may redeem remaining notes at par value on or after June 1, 2026.

BofA Securities serves as dealer manager for the tender offer. The tender offer is conditioned on completion of the equity acquisition but is not contingent on any minimum participation level.