Key Terms of the Offer and Executing Parties: Great Lakes Dredge & Dock Corporation (GLDD) and its controlling shareholder Saltchuk Resources, Inc. jointly announced the official launch of a cash tender offer for the 5.25% senior notes due 2029 issued by Great Lakes Dredge & Dock Corporation.

The offer aims to repurchase all outstanding notes of this series and simultaneously conduct a related consent solicitation. **Financial Background and Market Drivers** The total scale of the notes to be repurchased this time is $250 millions, which are high-yield debts issued by Great Lakes Dredge & Dock in 2022. With the current persistent high interest rate environment in the United States, corporate financing costs remain elevated. Supported by its controlling shareholder Saltchuk, Great Lakes Dredge & Dock has chosen to redeem high-yield debt ahead of schedule to optimize its capital structure and reduce interest expenses. This move, taken amid rising expectations for a Federal Reserve rate cut but with timing still uncertain, helps the company lock in financial costs and enhance its medium- to long-term profitability. **Industry Impact and Strategic Intent** As one of the largest dredging engineering service providers in North America, Great Lakes Dredge & Dock has recently benefited from port and channel upgrade demands brought by the U.S. Infrastructure Act. Proactively managing debt maturity structure reflects the company’s confidence in its cash flow management capabilities and sends a signal of financial stability to the market. Against the backdrop of intensified competition in the dredging industry and growing demand for energy transition projects, lowering financial leverage provides the company with greater flexibility to participate in large-scale project bidding. **Market Response and Outlook** After the announcement of the offer, the secondary market price of this series of notes rose accordingly, and the market holds an optimistic expectation for the full repurchase execution. If the offer is successfully completed, the weighted average interest cost of Great Lakes Dredge & Dock is expected to decrease significantly. Analysts believe this move, together with the company’s recent winning of the Gulf Coast restoration project, may form a synergy and potentially support the stock price. The results of the consent solicitation will affect the revision of relevant covenant terms, further optimizing the company’s financial operating space.