Calgary, Alberta(FSCwire) - Calgary, Alberta - Badger Daylighting Ltd. (the “Company” or “Badger”) amended the terms of its revolving credit facility with The Toronto-Dominion Bank. Canadian Western Bank and The Bank of Nova Scotia have joined the lending syndicate. The principal amount has been increased from $75 million to $125 million effective January 22, 2014. The maturity date has been extended to July 22, 2018 after which the entire amount must be repaid. The interest rate remained unchanged. In addition, as part of the extension, the credit facility contains a $50 million accordion which Badger may request as an increase to the total available facility. The purpose of the facility is to finance the Company’s growth capital expenditure program and for general corporate purposes.
Badger is North America’s largest provider of non-destructive excavating services. Badger traditionally works for contractors and facility owners in the utility and petroleum industries. The Company’s key technology is the Badger Hydrovac, which is used primarily for safe digging in congested grounds and challenging conditions. The Badger Hydrovac uses a pressurized water stream to liquefy the soil cover, which is then removed with a powerful vacuum system and deposited into a storage tank. Badger manufactures its truck-mounted hydrovac units.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.
For more information regarding this press release, please contact:
President and CEO1000, 635 – 8th Avenue SWCalgary, Alberta T2P 3M3Telephone 403-264-8500Fax 403-228-9773Gerald Shiefelbein
Vice President Finance and CFO
To view this press release as a PDF file, click onto the following link:public://news_release_pdf/badger07232014_2.pdf
Source: Badger Daylighting Ltd.