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Badger Daylighting Ltd. Announces Renewal of Extendable Revolving Credit Facility
Badger Daylighting Ltd. Announces Renewal of Extendable Revolving Credit Facility Calgary, A...
About this update from Badger Infrastructure Solutions Ltd
[{"type":"text","content":"Badger Daylighting Ltd. Announces Renewal of Extendable Revolving Credit FacilityBadger Daylighting Ltd. Announces Renewal of Extendable Revolving Credit Facility\nCalgary, Alberta CANADA, May 31, 2013 /FSC/ - Badger Daylighting Ltd. (BAD - TSX), (the \"Company\" or \"Badger\") is pleased to announce that it has renewed its extendable revolving credit facility effective May 30, 2013.\nThe principal amount of the credit facility has been increased from $55 million to $70 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 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. \nBadger 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.\nThe Toronto Stock Exchange has neither approved nor disapproved the information contained herein.  \nFor more information regarding this press release, please contact:\nTor Wilson\tPresident and CEO\t\t\t         \n1000, 635 - 8th Avenue SW\t\nCalgary, Alberta T2P 3M3\t\nTelephone 403-264-8500\nFax 403-228-9773\nGreg Kelly, CA\nVice President Finance and CFO\nTo view this press release as a PDF, please click on the following link:\nhttp://www.usetdas.com/pr/badger05312013.pdf\nSource: Badger Daylighting Ltd.  (TSX - BAD) www.bad...