Great Lakes Dredge & Dock announced that it had upsized and extended its revolver, enabling it to pay down higher-cost debt and save about $6 million in annualized interest expense. The timing of the debt swap is particularly favorable, as the company anticipates GAAP interest expense will rise and converge with cash interest after the completion of the Acadia (expected in early 2026). We raise our estimates to reflect an incremental $0.07 in annualized EPS, taking our 2026 estimate to $0.97 (from $0.90). For 3Q:25, we model EPS advanced 31% year over year on a 6% sales increase. We continue to anticipate cash flow improvement in 2026, given the expected conclusion of GLDD's newbuild vessel spending program, and thus significantly lower capital expenditures, supporting our moderate risk rating. Our raised $16 price target (was $14) is now based on 16x our increased 2026 EPS estimate of $0.97 (from $0.90).