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Orion Marine Group Closes $75 Million Revolving Credit Facility

Orion Marine Group, Inc. (NYSE: ORN) has entered into a new $75 million revolving credit facility. An additional $25 million is available under the facility subject to the lenders’ discretion. This new facility replaces the existing debt facility that would have matured in September of this year.

The new credit facility may be used to fund acquisitions, finance working capital, repay indebtedness, and other general corporate purposes. The facility matures on June 30, 2013, and is guaranteed by the Company’s subsidiaries.

"We are pleased with the support from our banks for this new, larger facility," said Mark Stauffer, Orion Marine Group's Executive Vice President and Chief Financial Officer. "The increase in the new facility will provide us the flexibility we need to remain opportunistic and meet future growth needs."

Wells Fargo Securities, LLC. acted as sole lead arranger and bookrunner for the facility.

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