Daily News: August 15, 2017

TD Bank Upsizes, Extends Badger Daylighting Facility

Badger Daylighting completed an extension of its syndicated revolving term credit facility with TD Bank as lead arranger and a group of three lenders.

The facility, which is approximately C$145 million ($113.8 million) in aggregate, consists of a C$50 million ($39.2 million) tranche and a $75 million tranche, providing Badger with the administrative flexibility to borrow in both Canada and the U.S.

The previous $125 million facility was denominated solely in Canadian dollars. The new facility, which is a four-year term, matures on August 11, 2021.

Badger maintains the flexibility to expand the facility by an additional $100 million, previously an additional $50 million.

“We are pleased to have completed the extension of our syndicated credit facility with strong support from our lenders. With the extension of the facility, combined with Badger’s strong cash flow generation and low debt and leverage levels, Badger is confident that it has the financial flexibility to execute on its long-term growth objectives,” said Gerald Schiefelbein, vice president of Finance and chief financial officer.

Badger is North America’s largest provider of non-destructive excavating services. Badger traditionally works for contractors and facility owners in a broad range of infrastructure industries.