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Badger Daylighting Ltd. Closes Private Placement of Us $75 Million 4.83% Senior Secured Notes Due 2022


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2014-01-27 14:35:55 -

Badger Daylighting Ltd. Closes Private Placement of Us $75 Million 4.83% Senior Secured Notes Due 2022 and Amends the Terms of Its Extendable Revolving Credit Facility


Calgary, Alberta CANADA, January 27, 2014 /FSC/ - Badger Daylighting Ltd. (BAD - TSX), (the "Company" or "Badger") issued US $75 million aggregate principal amount of senior secured notes to Prudential Capital Group. The notes have an interest rate of 4.83% per annum and mature on January 24, 2022. Amortizing principal repayments of US $25 million are due under the notes on January 24, 2020, January 24, 2021 and January 24, 2022. Interest will be paid semi-annually in arrears. The notes are secured and rank equally with the Company's senior credit facilities.

Proceeds from the

offering will be used to repay a portion of the outstanding debt under the Company's senior credit facilities and for ongoing capital expenditures and general corporate purposes.

The notes have not been registered in the United States under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act.

Badger amended the terms of its extendable revolving credit facility. The principal amount has been decreased from $100 million to $75 million effective January 24, 2014. The maturity date remains 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. The interest rate remained unchanged. 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 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:

Greg Kelly, CA

Vice President Finance and CFO

Tor Wilson

President and CEO

1000, 635 - 8th Avenue SW
Calgary, Alberta T2P 3M3
Telephone 403-264-8500
Fax 403-228-9773

To view the press release as a PDF file, please click on the following link:
www.usetdas.com/pr/badger01272014.pdf


Source: Badger Daylighting Ltd. (TSX - BAD) www.badgerinc.com
Maximum News Dissemination by FSCwire. www.fscwire.com


Author:
Fred Gautreau
e-mail
Web: www.fscwire.com
Phone: 14037173898

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