Saltchuk Resources, Inc. and Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced that Saltchuk has 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 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. The proposed amendments would eliminate substantially all restrictive covenants and certain events of default.

The companies expect the acquisition transactions to close early in the second quarter of 2026, with the current scheduled closing date of April 1, 2026. The tender offer is conditioned on completion of the equity tender offer but is not conditioned on any minimum amount of notes being tendered.

Saltchuk plans to finance the acquisition using available cash and either proceeds from new senior credit facilities totaling up to $2.75 billion or a combination of existing credit facilities and bridge financing. BofA Securities is serving as dealer manager for the tender offer.

Great Lakes is the largest dredging services provider in the United States. Saltchuk is a privately owned transportation and energy distribution company with approximately $5.5 billion in annual revenue.