Calgary, Alberta – Badger Daylighting Ltd. (the “Company” or “Badger”) announces the principal amount of the Company’s extendable revolving credit facility has been increased from $70 million to $90 million effective September 17, 2013. All other terms remain unchanged.
The purpose of the credit facility is to finance the Company’s growth capital expenditure program and for general corporate purposes. The renewal in May, 2013 extended the facility to June 22, 2014. To the extent the credit facility is not renewed on June 22, 2014, 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. 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 CEO
Greg Kelly, CA
Vice President Finance and CFO
1000, 635 – 8 th Avenue SW
Calgary, Alberta T2P 3M3