BADGER DAYLIGHTING LTD. ANNOUNCES RENEWAL OF EXTENDABLE REVOLVING CREDIT FACILITY
Calgary, Alberta – Badger Daylighting Ltd. (the “Company” or “Badger”) is pleased to announce that it has renewed its extendable revolving credit facility effective April 30, 2014.
The principal amount of the credit facility remains unchanged at $75 million. The purpose of the credit facility is to finance the Company’s capital expenditure program and for general corporate purposes. The renewal extends the facility to June 21, 2015. To the extent the credit facility is not renewed on June 21, 2015, interest is payable on the facility for 364 days, after which the entire amount must be repaid. Depending on certain financial ratios, the credit facility bears interest, at Badger’s option, at the bank’s prime rate or banker’s acceptance rate plus 1.25%. An additional stand-by fee calculated at the annual rate of 0.25% per annum is also required on the unused portion of the credit facility.
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. Our 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 CEO
1000, 635 – 8th Avenue SW
Calgary, Alberta T2P 3M3
Vice President Finance and CFO
Phone (403) 264-8500
Fax (403) 228-9773