Great Lakes Dock & Dredge to Acquire Big Demolition Contractor for $38 million
Great Lakes Dock & Dredge Corp., the countrys biggest dredging contractor, has agreed to acquire North American Site Developers Inc., the Boston-area demolition contractor, for $35 million in cash and $3 million in debt.
The deal, which has not yet closed, would be financed with new borrowings of about $40 million of debt in the form of high-yield bonds, or senior subordinated notes with an interest rate of 11.25 percent.