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.

This tender offer aims to repurchase all outstanding notes of this series, while simultaneously conducting a related consent solicitation. **Financial Background and Market Drivers** The total scale of the notes to be repurchased is $250 million, which are high-yield debts issued by Great Lakes Dredge & Dock in 2022. In the current environment of persistently high interest rates in the United States, corporate financing costs remain elevated. Leveraging the financial support of 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, amid rising expectations of 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 benefited in recent years from the demand for port and channel upgrades driven 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. In the context of intensifying competition in the dredging industry and growing demand for energy transition projects, reducing financial leverage can provide the company with greater flexibility to participate in large project bids. **Market Response and Outlook** Following the announcement of the tender offer, the secondary market price of this series of notes rose accordingly, with the market holding an optimistic expectation for the full repurchase execution. If the tender offer is successfully completed, Great Lakes Dredge & Dock's weighted average interest cost is expected to decrease significantly. Analysts believe this move, together with the company's recent win of the Gulf Coast restoration project, may provide support for the stock price. The outcome of the consent solicitation will affect the revision of relevant covenant terms, further optimizing the company's financial operating space.